One of the basic assumptions of standard economic theory is that individuals' behavior is solely guided by the quest for the highest possible material outcome. However, there is ample evidence of additional factors influencing individuals' behavior as well. Besides individual-specific factors,...

pt. 1. The Walrasian system. The neoclassical theory of the consumer -- The neoclassical theory of production -- General equilibrium in a barter economy -- Introducing prices : perfect competition and Pareto efficiency -- Market failure and the second fundamental theorem of welfare economics --...