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Microeconomic theory aims to model and analyze economic activities as the in- ... Mas Colell, A., M. D. Whinston, and J. Green, Microeconomic Theory, Oxford.
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(^1) This lecture notes are for the purpose of my teaching and convenience of my students in class.
In this chapter, we first set out some basic preliminaries and methodologies im- posed in modern economics in general and in the lecture notes in particular. We will discuss the basic terminologies used in modern economics, its research ob- ject of market system and its common ground with ancient Chinese economic thoughts, key assumptions, standard analytical framework, methodologies and techniques, as well as some key points one should pay attention to. The method- ologies for studying modern economics and key points include: providing bench- mark, establishing reference system, setting up studying platforms, developing analytical tools, making positive and normative analysis, noting the basic re- quirements, role, generality and limitation of an economic theory, distinguishing necessary and sufficient conditions for a statement, understanding the role of mathematics, and grasping the conversion between economic and mathematical language. We will then discuss some basic mathematics preliminaries and results that will be used in the lecture notes.
1.1 Nature of Modern Economics
Whether an institution can well answer these questions depends on the funda- mental factors of whether it can properly solve the information and incentive problems.
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