Abstract
The aim of the article is to assess the contribution of Nobel Prize winners in economics to the development of modern micro-economic theory. To do this, we analyze the scientific achievements of leading modern economists, highly praised by the Nobel Committee in various periods since 1972. It is emphasized that microeconomics, which has long been considered an abstract science, thanks to the scientific achievements of Nobel Prize winners, is increasingly focused on solving problems of economic practice. It is noted that the Nobel laureates made the greatest contribution to market research. This applies, in particular, to the analysis of markets with asymmetric information (G. Akerlof, M. Spence, J. Stiglitz) and the analysis of market positions and regulation (J. Tirole). The importance of the "Ideal Demand System" (A. Deaton, J. Muehlbauer), which is a widely accepted method of studying the effects of economic policy, inflation indices, as well as comparing the state and dynamics of purchasing power in different countries. The contribution of V. Smith to the formation of experimental research in microeconomic theory is analyzed. It is concluded that the use of natural experiments to solve macroeconomic and socio-economic problems, for example, to combat unemployment or to identify the impact of the minimum wage on labor market conditions. The model of economic efficiency proposed by the Italian economist Vilfredo Pareto is described, it is specified that the marginal theory of welfare is built on the solution of the problem of the ratio of the efficient state of the economy and justice in the distribution of goods. The central positions of the theory of well-being and the significance of the works of J. Hicks, K. Arrow, M. Allais and A. Sen in its creation are studied. The evolution of views on the theory of consumer choice is traced and the contribution of Nobel laureates in the emergence and formation of behavioral economics, the founders of which are considered to be H. Simon and D. Kahneman. It is concluded that the developed theoretical concepts have a significant impact on practical economic life and the need to form sound objective conclusions based on the results of the Nobel Prize winners in microeconomic theory.
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