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Walras and Pareto on the Meaning of the Solution Concept in General Equilibrium Theory
Donzelli, Franco - 2011
The notion of solution plays a crucial role in the conceptual system of Léon Walras, the founder of General Equilibrium Theory (GET). In this paper, after introducing the two solution concepts employed by Walras in the development of his version of GET, respectively called the "theoretical" and...
Persistent link: https://www.econbiz.de/10014055100
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The Fallacy of the Perfect Competition Theory
Nomidis, Dimitrios - 2017
Persistent link: https://www.econbiz.de/10012969971
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A Reconsideration of the Theory of Perfect Competition
Nomidis, Dimitrios - 2016
This paper develops a discussion and provides the basis for a dispute of the principal assumption on which the classical-neoclassical theory of perfect competition is based: is it indeed true that the individual product demand of each producer is perfectly elastic (horizontal) and the price is...
Persistent link: https://www.econbiz.de/10013004916
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A Revision of the Theory of Perfect Competition and of Value
Nomidis, Dimitrios - 2020
During the second half of the twentieth century economic theory moved increasingly away from price theory, which was gradually displaced by more modern trends such as game theory, decision theory, behavioral-empirical-experimental economics, heterodox economics, etc. This was due to serious...
Persistent link: https://www.econbiz.de/10012854924
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Walras and Cournot’s mathematical method: comparison and discord challenge.
Ragni, Ludovic - In: Cahiers d’économie politique / Papers in Political … (2011) 60, pp. 149-178
This article contributes to the explanation of the methodological differences between Cournot and Walras when these … authors apply mathematics to economics. Our article explains the reasons behind Cournot’s refusal when Walras required him to … write an article, which advocates the application of mathematical method in economics. We indicate then why Cournot remains …
Persistent link: https://www.econbiz.de/10009003042
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Mathematical economics comes to America : Charles S. Peirce's engagement with Cournot's recherches sur les principes mathematiques de la théorie des richesses
Wible, James R.; Hoover, Kevin D. - 2013 - Revised, 18 July 2013
Although Cournot's mathematical economics was generally neglected until the mid- 1870s, he was taken up and carefully …
Persistent link: https://www.econbiz.de/10011707594
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The Validity of Walras’ Law in a Monetary Exchange Economy : Money, Prices and the Integration of Monetary and Value Theory
Túñez Area, Narciso - 2020
Walras' Law is one of the most important tenets of Neo-liberal economics. It is supposed to be a Tautological Identity according to which disequilibrium in market economies has a compensatory nature. Hence, disequilibrium in any market would imply an opposite imbalance somewhere else in the...
Persistent link: https://www.econbiz.de/10012831481
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Economic Transition As a Crisis of Vision: Classical versus Neoclassical Theories of General Equilibrium
Peters, John; Elliott, John; Cullenberg, Stephen - In: Eastern Economic Journal 28 (2002) 2, pp. 217-240
In this paper we compare the classical general equilibrium framework of Smith and Marx with the neoclassical one of Arrow and Debreu, and find that these competing paradigms of equilibrium clash on a number of critical issues--efficiency, power, the role of markets, time, the nature of...
Persistent link: https://www.econbiz.de/10005466851
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Wicksell, General Equilibrium and the Way to Macroeconomics
Boianovsky, Mauro - 2015
Wicksell's formulation of monetary theory as the study of the relation between aggregate supply and aggregate demand – and their respective division into supply of consumption and capital goods on one side, and income spent and saved, on the other – would play a key role in the development...
Persistent link: https://www.econbiz.de/10013033358
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How to Compute Equilibrium Prices in 1891
Brainard, William C.; Scarf, Herbert E. - Cowles Foundation for Research in Economics, Yale University - 2000
Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium model presented with the broad scope and formal mathematical clarity associated with Walras and his successors. In addition, Fisher presents a remarkable hydraulic apparatus for...
Persistent link: https://www.econbiz.de/10005087363