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The Current Non-Status of General Equilibrium Theory

  • Donald W. Katzner

    (University of Massachusetts Amherst)

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    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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    File URL: http://www.umass.edu/economics/publications/2004-10.pdf
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    Paper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics 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
    Contact details of provider: Postal: Thompson Hall, Amherst, MA 01003
    Phone: (413)545-2590
    Fax: (413)545-2921
    Web page: http://www.umass.edu/economics
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    1. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
    2. 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.
    3. Smale, Stephen, 1976. "Exchange processes with price adjustment," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 211-226, December.
    4. Fisher, Franklin M, 1972. "On Price Adjustment without an Auctioneer," Review of Economic Studies, Wiley Blackwell, vol. 39(1), pages 1-15, January.
    5. 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.
    6. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
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