IDEAS home Printed from https://ideas.repec.org/a/cup/jhisec/v34y2012i03p379-396_00.html
   My bibliography  Save this article

What A Difference A Sum (∑) Makes: Success And Failure In The Rationalization Of Demand

Author

Listed:
  • HANDS, D. WADE

Abstract

This paper discusses the Sonnenschein–Mantel–Debreu (SMD) theorems in general equilibrium theory. It argues that the SMD results were related to the previous literature on the integrability of demand. The integrability question involved rationalizing individual demand functions, and the SMD theorems asked the same question about aggregate (market) excess demand functions. The paper’s two goals are to demonstrate how the SMD results followed naturally from the earlier work on integrability, and to point out that the profession’s reception was quite different; the integrability results were considered a success story, while the SMD results were quite negative.

Suggested Citation

  • Hands, D. Wade, 2012. "What A Difference A Sum (∑) Makes: Success And Failure In The Rationalization Of Demand," Journal of the History of Economic Thought, Cambridge University Press, vol. 34(03), pages 379-396, September.
  • Handle: RePEc:cup:jhisec:v:34:y:2012:i:03:p:379-396_00
    as

    Download full text from publisher

    File URL: http://journals.cambridge.org/abstract_S1053837212000387
    File Function: link to article abstract page
    Download Restriction: no

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:jhisec:v:34:y:2012:i:03:p:379-396_00. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters). General contact details of provider: http://journals.cambridge.org/jid_HET .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.