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Economic Theories in Competition - A New Narrative of the Debate on the General Economic Equilibrium Theory in the 1930s

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  • Roberto Marchionatti
  • Fiorenzo Mornati

Abstract

The paper deals with the debate on the General Economic Equilibrium (GEE) in the 1930s in Vienna and at the London School of Economics and offers an interpretation of it different from that of the traditional narratives. Itinterprets the debate as a renewed confrontation between the two different classical methodological paths of research in GEE, the Paretian and the Walrasian ones. What emerges from this examination is a picture of different approaches and theories in competition, in particular on the issue of the relationship between theory and the real world. This was the fundamental issue at stake. Herein lies also the interest in those distant controversies for the current debate in economics. Key words: Hicks, Wald, Von Neumann, General economic equilibrium, Mathematics and economics.JEL: B23, B41, C02, D50.

Suggested Citation

  • Roberto Marchionatti & Fiorenzo Mornati, 2016. "Economic Theories in Competition - A New Narrative of the Debate on the General Economic Equilibrium Theory in the 1930s," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(5), pages 503-523.
    • Handle: RePEc:voj:journl:v:63:y:2016:i:5:p:503-523:id:1
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    More about this item

    Keywords

    Hicks; Wald; Von Neumann; General economic equilibrium; Mathematics and economics;
    All these keywords.

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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