This paper is a critical examination of the notion of equilibrium in the classical theory of value. It highlights the theoretical importance as well as the problems associated with the notion of equilibrium in the classical theory and goes on to argue that Sraffa presents a theory of value...

Concept of rationality is crucial in economics. Different notions of rationality have accompanied its long journey, from that implied in classical economics to those proposed by neoclassical theory since 1870s. The paper also discusses the meaning of rationality in rational choice theory, the...

"It is a measure of Professor Samuelson’s preeminence that the sheer scale of his work should be so much taken for granted," a reviewer for the Economist once observed, marking both Paul Samuelson’s influence and his astonishing prolificacy. Volumes 6 and 7 gather the Nobel Laureate’s...