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Edgeworth versus Walras on the Theory of Tatonnement

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  • Donald A. Walker

Abstract

Francis Y. Edgeworth's criticisms of Leon Walras's theory of tatonnement deal with basic issues in its evaluation: its im portance within his general-equilibrium theory and to the economic theory of his time, its methodological soundness, the feasibility of its objectives, and the breadth of its applicability. An examination of the criticisms therefore contributes to an understanding of its characteristics, function, and value. The conclusion is reached that Edgeworth's criticisms were invalid, but that Walras should have recognized the merits of Edgeworth's contention that the multiplicity of market structures should be studied and of his related defense of the value of partial equilibrium analysis.

Suggested Citation

  • Donald A. Walker, 1987. "Edgeworth versus Walras on the Theory of Tatonnement," Eastern Economic Journal, Eastern Economic Association, vol. 13(2), pages 155-165, Apr-Jun.
    • Handle: RePEc:eej:eeconj:v:13:y:1987:i:2:p:155-165
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume13/V13N2P155_165.pdf
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    Cited by:

    1. Manuel Luis Costa, 2002. "Comment on 'Yet another look at Leon Walras's theory of tatonnement '," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 550-558.
    2. Pascal Bridel & Elisabeth Huck, 2002. "Yet another look at Leon Walras's theory of tatonnement," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 513-540.
    3. Benjamin J. Gillen & Masayoshi Hirota & Ming Hsu & Charles R. Plott & Brian W. Rogers, 2021. "Divergence and convergence in Scarf cycle environments: experiments and predictability in the dynamics of general equilibrium systems," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(3), pages 1033-1084, April.

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