The Core Theory in Economics: Problems and Solutions

1st Edition

Lester Telser

Routledge
Published January 30, 2009
Reference - 396 Pages - 36 B/W Illustrations
ISBN 9780415493659 - CAT# Y100879
Series: Routledge Frontiers of Political Economy

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Summary

An important tenet of game theory, core theory has nonetheless been all but ignored by the mainstream. Its basic premise is that individuals band together in order to promote their interests as much as possible. The return to an individual depends on competition among various coalitions for its membership, and a group of people can obtain a joint maximum by suitable coordinated actions.

In this key title, Lester Telser investigates the following issues:

  • Markets 
  • Multiproduct Industry Total Cost Functions with Avoidable Costs 
  • Critical Analyses of Noncooperative Equilibria.

Through these distinct sections, Telser skilfully brings the ideas of core theory to bear on a range of issues within economics – with particular emphasis on supply and demand and the way markets function.

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