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Equilibrium and Disequilibrium Dynamics in the 1930s

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  • Zappia, Carlo

Abstract

Notwithstanding considerable efforts by at least two generations of economic theorists, the state of art of general equilibrium theory in the Arrow-Debreu framework is still extremely unsatisfactory, especially with respect to the treatment of the time dimension. Indeed, it is now taken for granted even among general equilibrium theorists that, to play a significant role, equilibrium analysis must account for individual agents' expectations about the uncertain future, and that the Arrow-Debreu procedure of collapsing the entire decision process at an initial date is to be interpreted, at most, as a counterfactual argument, the main message of the Arrow-Debreu approach being that “one cannot argue that markets co-ordinate activity if there are many of them missing” (Hahn 1995, p. 12).

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  • Zappia, Carlo, 2001. "Equilibrium and Disequilibrium Dynamics in the 1930s," Journal of the History of Economic Thought, Cambridge University Press, vol. 23(1), pages 55-75, March.
    • Handle: RePEc:cup:jhisec:v:23:y:2001:i:01:p:55-75_00
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    Cited by:

    1. van der Hoog, Sander, 2008. "On the disequilibrium dynamics of sequential monetary economies," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 525-552, December.
    2. Yuli Radev, 2015. "New dynamic disequilibrium," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 65-90.

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