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The contribution of several Nobel Laureates in the development of the Theory of general economic equilibrium

Author

Listed:
  • Florentina Xhelili Krasniqi
  • Rahmie Topxhiu
  • Donat Rexha

Abstract

Nobel Laureates with their contributions to the development of the theory of general equilibrium have enabled this theory to be one of the most important for theoretical and practical analysis of the overall economy and the efficient use of economic resources. Results of the research showing that contributions of Nobel Laureates in the economy belong to two main frameworks of development of the general equilibrium theory: one was the mathematical model of general equilibrium developed by John R. Hicks (1939), Kenneth J.Arrow (1951) and Gerard Debreu (1954) and second frames of general equilibrium belongs to Paul A. Samuelson (1958). To highlight the contributions of these Nobel laureates in the development of the theory of general equilibrium have been selected and are presented in the paper some views, estimates and assumptions that have contributed not only in solving concrete problems, but also to the development of economic science in general. Their works represent a synthesis of theoretical and practical aspects of treatment of general equilibrium which are the starting point for further research in this field.

Suggested Citation

  • Florentina Xhelili Krasniqi & Rahmie Topxhiu & Donat Rexha, 2016. "The contribution of several Nobel Laureates in the development of the Theory of general economic equilibrium," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 19(62), pages 153-166, December.
    • Handle: RePEc:rej:journl:v:19:y:2016:i:62:p:153-166
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    References listed on IDEAS

    as
    1. Debreu, Gerard, 1984. "Economic Theory in the Mathematical Mode," American Economic Review, American Economic Association, vol. 74(3), pages 267-278, June.
    2. Michel De Vroey, 2006. "The temporary equilibrium method: Hicks against Hicks," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 259-278.
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    More about this item

    Keywords

    General equilibrium theory; theorical and practical contributions; Nobel Laureates;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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