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Equilibrium Proofmaking

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  • Weintraub, E. Roy
  • Gayer, Ted

Abstract

Each year, new economics Ph.D. students learn the proof of the existence of a competitive equilibrium as if it were a rite of passage. From the utility-maximizing behavior of consumers and the profit-maximizing behavior of firms, neophyte economists soon can demonstrate that under certain conditions there exists a competitive market-clearing general equilibrium price vector. While there are a number of proofs that establish the existence of such an equilibrium, the validity of these proofs is indubitable. Indeed, economists with even scant knowledge of the history of economics can identify Kenneth J. Arrow and Gerard Debreu's Econometrica paper as having provided the proof that settled the issue.

Suggested Citation

  • Weintraub, E. Roy & Gayer, Ted, 2001. "Equilibrium Proofmaking," Journal of the History of Economic Thought, Cambridge University Press, vol. 23(4), pages 421-442, December.
    • Handle: RePEc:cup:jhisec:v:23:y:2001:i:04:p:421-442_00
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    Cited by:

    1. Fabio Petri, 2006. "General Equilibrium Theory and Professor Blaug," Department of Economics University of Siena 486, Department of Economics, University of Siena.
    2. Quentin Couix, 2018. "From Methodology to Practice (and Back): Georgescu-Roegen's Philosophy of Economics and the Flow-Fund Model," Documents de travail du Centre d'Economie de la Sorbonne 18021, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    3. Robert W. Dimand, 2019. "Léon Walras, Irving Fisher and the Cowles Approach to General Equilibrium Analysis," Cowles Foundation Discussion Papers 2205, Cowles Foundation for Research in Economics, Yale University.

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