Built on the fictional concept of equilibrium, mainstream economics provides a method of analysis which, when paired with the calculus, enables relatively easy identification of maximum and minimum values. Lacking empirical evidence of its behavioral assumptions, the profession accepts such...

A hybrid of a model of economic equilibrium in two markets and a social game is formed. The link between the two is established through a social norm which conditions correct social behavior on economic variables and therefore distorts the economic equilibrium allocation. The initial endowment...

This paper develops an approach to equilibrium selection in game theory based on studying the equilibriating process through which equilibrium is achieved. The differential equations derived from models of interactive learning typically have stationary states that are not isolated. Instead, Nash...

"[C]oncentration on a single firm and the reaction of its owner is not the appropriate route to the theory of production; on the contrary, it is likely to be misleading…In the current literature, this preoccupation with the single firm rather than with the interrelatedness of firms in the...

F.A. Hayek's realistic economic theory has been replaced by the formalistic use of equilibrium models that bear little resemblance to reality. These models are as serviceable to the right as to the left: they allow the economist either to condemn capitalism for failing to measure up to the model...