The Current Non-Status of General Equilibrium Theory

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The Current Non-Status of General Equilibrium Theory

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Donald W. Katzner (University of Massachusetts Amherst)

Abstract

This paper argues that the abandonment of general equilibrium theory by microeconomists was a mistake. It provides counter arguments to two of the reasons for that abandonment — lack of both generality and consistency with methodological individualism in uniqueness and stability analysis of equilibria — and urges microeconomists to refocus some of their attention on it.

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series Working Papers with number 2004-10.

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Date of creation: Jun 2004
Date of revision: Aug 2005
Handle: RePEc:ums:papers:2004-10

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Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

This paper has been announced in the following NEP Reports:

NEP-ALL-2004-08-16 (All new papers)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May. [Downloadable!] (restricted)
Benassy, Jean-Pascal, 1993. "Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 732-61, June. [Downloadable!] (restricted)
Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-39, Supplemen. [Downloadable!] (restricted)
Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March. [Downloadable!] (restricted)
Smale, Stephen, 1976. "Exchange processes with price adjustment," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 211-226, December. [Downloadable!] (restricted)
Fisher, Franklin M, 1972. "On Price Adjustment without an Auctioneer," Review of Economic Studies, Blackwell Publishing, vol. 39(1), pages 1-15, January. [Downloadable!] (restricted)

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