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In fall 1935, Abraham Wald presented a fixed-point proof of a general equilibrium model to Karl Menger's Mathematical Colloquium in Vienna. Due to limited space, the paper could not be printed in the eighth proceedings of the Colloquium (the Ergebnisse) published in spring 1937 but was scheduled...
Persistent link: https://www.econbiz.de/10011602942
This paper shows that the post-Walras general equilibrium theory is irrelevant to real contemporary economic life. The … main achievement of modern General Equilibrium Theory is the proof of equilibrium's existence. It might be that the proof … the economic situation in reality. This paper traces concisely how Walras's theory has been became causing economic …
Persistent link: https://www.econbiz.de/10012012130
characterized by flows of material and energy. To derive ecosystem prices the mathematical structure of Koopmans' economic linear …
Persistent link: https://www.econbiz.de/10010467693
Historians of the social sciences and historians of economics have come to agree that, in the United States, the 1940s transformation of economics from political economy to economic science was associated with economists’ engagements with other disciplines – e.g. mathematics, statistics,...
Persistent link: https://www.econbiz.de/10011524191
Historians of the social sciences and historians of economics have come to agree that, in the United States, the 1940s transformation of economics from political economy to economic science was associated with economists' engagements with other disciplines - e.g. mathematics, statistics,...
Persistent link: https://www.econbiz.de/10011599879
This paper discusses why mathematical economists of the early Cold War period favored formal-axiomatic over behavioral choice theories. One reason was that formal-axiomatic theories allowed mathematical economists to improve the conceptual and theoretical foundations of economics and thereby to...
Persistent link: https://www.econbiz.de/10011759791
transition from Jacob Marschak's to Tjalling Koopmans' research program. While rational choice theories initially raised high …
Persistent link: https://www.econbiz.de/10011759965
distinction was drawn quite independently of Keynes, yet Keynes's General Theory led to its widespread adoption. The question of … directly in Keynes's own theorizing in the General Theory; a fixed-price general-equilibrium theory, which includes some work … programs and their interrelationship, especially in relationship to the programs of general-equilibrium theory and econometrics …
Persistent link: https://www.econbiz.de/10011603312
The theorem proving the existence of general equilibrium in a competitive economy, which necessarily involved specifying the conditions under which such an equilibrium would exist, is an extraordinary achievement of twentieth-century economics. The discovery is commonly attributed to the paper...
Persistent link: https://www.econbiz.de/10011708364
The following analysis is meant to contribute to a history of rational choice theory. More specifically, I provide a … multi-layered account of rational choice theory in terms of its biography as a scientific object. I argue that its axiomatic … version, choice theory traveled between different research sites, specified within the context of different mathematical …
Persistent link: https://www.econbiz.de/10011707612