Modern Economics: From Equilibrium Theory to the Anatomy of Decisions

This article provides an in-depth analysis of the transformation of economic thought, tracing the path from traditional models of market equilibrium to the modern anatomy of decision-making. The text sheds light on the crisis of the macroeconomic paradigm and the return to microfoundations forced by the phenomenon of stagflation. A key point of discussion is Oliver Williamson's new institutional economics, which redefines the market through the lens of transaction costs, bounded rationality, and asset specificity. The author also draws on Douglas Vickers's concepts of time dynamics and uncertainty, and Ivor Pearce's preference analysis. The overall text presents the economy not as a set of abstract patterns but as a living system of social coordination, in which institutions and governance structures play a fundamental role in the processes of allocation and choice.