Philosophy of Microeconomics: Key Trends in the 21st Century

Abstract

The article analyzes the current key philosophical trends in academic publications on microeconomics. The author investigates new sense that economists imply into traditional methodological grounds of Microeconomics. Based on classical marginalist microeconomic theory, contemporary Russian and World economists introduce new meanings and new interpretations into such important aspects of Microeconomics as microeconomic agents, choice and limitations for producers and consumers, market interactions and competition, time and space of microeconomic phenomena. New methodological grounds of Microeconomics in the sphere of decision-making are analysed on the ground of content-analysis. The process of economic choice in new conditions of the 21st century is based on deliberate consumption of economic goods and thoughtful limitations for time, place and number of alternatives when decision is made. Maximization of utility as the goal of behavior of a rational individual is replaced by the criterion of satisfaction and happiness which now form important elements of microeconomic analysis. New approaches to microeconomic models are formed on the ground of mathematical theories of dynamic chaos and nonlinear processes that allow to forecast more precisely microeconomic events in the era of turbulence. Stochastic concepts and differentiated games take the place of traditional statistical strict determinism of microeconomic theories and uncertainty acquires new depth as a fundamental pattern of functioning of microeconomic processes. The article specifies the motives and goals of individual and collective agents acting at micro level. Thus microeconomics of the 21st century has reconsidered its key philosophical grounds, which would contribute to a new paradigm of Microeconomic Analysis.