What is the most interesting thing about traditional micro-economical theory?

Question

An interesting thing about traditional micro-economical theory is a formal similarity between the theory of consumer behaviour and the theory of production(theory of a firm)Discuss.

Answer 1

People pose problems in a way that allows solutions using known mathematical techniques. The technique of maximization or minimization of a function subject to a constraint was being used by chemist and physicist at the time so it seemed reasonable to define utility functions and production functions to allow the same kind of solution. Unfortunately utility functions can not be measured so we are dealing with abstractions that can not produce verifiable answers. We don't even know what variables to put in peoples utility once we get past gadgets and widgets.

Answer 2

Consumers tend to consume things which are in abundance because of a paleolithic need to 'fatten up' when times are good to compensate for starvation periods. Regardless of whether it is food or products, overproduction breeds overconsumption, and economists take the demographic data from overconsumption and turn it into even higher production through media ratings and advertising which uses the 'lizard brain' (primitive evolved emotions).
Repetitive advertising creates addictions to products, television creates addictions to advertising. Overproduction and stress create time constraints on self-moderating behavior ("I know I should eat better, but I have to get to work on time, so I'll just stop at Mickey-Dees on the way in..")