Introduction: Recent Developments in Microeconomics

This Series of books is aimed at students of economics and non-specialist economists interested in learning about recent developments in economics. Usually, such recent developments first see the light of day in one of the academic journals, and take some time to filter through to the general economist. This process often takes several years. At the same time, however, the developments are assimilated — often in an informal (and sometimes mistaken) fashion by the leading economists, and are implicit in various pedagogical activities carried out within the profession. This puts the non-specialist at a considerable disadvantage. Unfortunately, there is usually no easy way for the non-specialist to make him-/or her-self aware of these recent developments, given that they are typically communicated in specialist language in high-level journals, from one highbrow economist to another. Often, advanced mathematics is used, and much — in the way of prior knowledge — is taken for granted in the exposition. Nevertheless, knowledge of such recent developments is of great importance: the greater the degree of dissemination of such developments, the more likely it is that those elements which are of practical importance for economics will eventually be put to use.