Question

Write a short notes Historical review of microeconomics.

Answer 1

History of microeconomics can be traced to classical economists. Adam Smith is regarded as the Father of Microeconomics. In his book ‘The Wealth of Nations’, published in the year 1776, he discussed how the prices of goods and the factors of production are determined. However, the microeconomic analysis was done by Dr Alfred Marshall, a neo-classical economist. He was the first person to use the principle of marginalism. Some of the other popular economists who have contributed to the development of microeconomics are Prof. Pigou, J. R. Hicks, Prof. Samuelson, Mrs Joan Robinson and Chamberlin.