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Walrasian Economics in Retrospect Author info | Abstract | Publisher info | Download info | Related research | Statistics Samuel Bowles () (University of Massachusetts Amherst)
Herbert Gintis ()
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Two basic tenets of theWalrasian model, behavior based on self-interested exogenous preferences and complete and costless contracting have recently come under critical scrutiny. First, social norms and psychological dispositions extending beyond the selfish motives of Homo economicus may have an important bearing on outcomes, even in competitive markets. Second, market outcomes depend on strategic interactions in which power in the political sense is exercised. It follows that economics must become more behavioral and more institutional. We can return to these themes of the classical tradition, now equipped with more the powerful mathematical tools developed over the past century.
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Paper provided by University of Massachusetts Amherst, Department of Economics in its series Working Papers with number
2000-04.
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Date of creation: 04 Feb 2000Date of revision:
Handle: RePEc:ums:papers:2000-04Contact details of provider: Postal: Thompson Hall, Amherst, MA 01003 Phone: (413)545-2590 Fax: (413)545-2921 Email: Web page: http://www.umass.edu/economics More information through EDIRC
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