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Chapter Four discusses the evolution of microeconomic thought from neoclassical to modern economics, highlighting the transition from Marshallian economics to a formalist approach that emphasizes mathematical modeling. Key figures such as Arrow, Debreu, and Samuelson contributed to this formalization, leading to significant advancements in general equilibrium theory and the application of microeconomic models across various fields. The chapter also touches on the Chicago approach to microeconomics, emphasiz
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- temesgenregasa328
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- EN