JEL code D
Microeconomics
How do people and firms decide, and how do markets work?
Emerged 1890
Alfred Marshall's Principles of Economics became the most successful textbook of the new marginalist economics of choices and markets.
SourceHistory of Economic Thought website: Alfred Marshall (opens in a new tab)
An example
Akerlof's “Market for Lemons” (1970): when sellers know more than buyers, good products can be driven out of the market. Nobel 2001 with Spence and Stiglitz.