14.04 - Intermediate Microeconomic Theory
14.04 Intermediate Microeconomic Theory (Fall 2020, MIT OCW). Instructor: Prof. Robert M. Townsend. This course provides an introduction to theory and data designed to meet the needs of students interested in economic science. It provides an introduction to consumer choice, the theory of the firm, and general equilibrium models, with an overview of the main results and tools used in studying these topics, both directly in economics and indirectly in various other fields. This includes analysis of consumer and producer decisions, partial and general equilibrium analysis, insurance, the welfare theorems and failures of these theorems as with externalities but with resolutions, contract theory and mechanism design, policy analysis, the content of theory for data, and the design of media of exchange as with Bitcoin and markets made possible by distributed ledgers. (from ocw.mit.edu)
| Lecture 18 - Aggregation |
Instructor: Prof. Robert M. Townsend. Micro and macro are often presented as two separate subfields of economics. When can they be reconciled with each other so that we can utilize the tools from both for economic science and to make statements about the welfare impacts of policy changes? When in the data might macro approximations be valid, and what are the indicators of micro foundations that must be made explicit and incorporated?
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