The Current Non-Status of General Equilibrium Theory
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.
|Date of creation:||Jun 2004|
|Date of revision:||Aug 2005|
|Contact details of provider:|| Postal: Thompson Hall, Amherst, MA 01003|
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- 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.
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