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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 … conception gives rise to, as well as the attempts Walras makes to dodge them. In particular, after showing how Walras tries to …
Persistent link: https://www.econbiz.de/10005007132
At a Nash - Walras equilibrium, individuals exchange commodities competitively, and, simultaneously, they interact …
Persistent link: https://www.econbiz.de/10005008241
with asymmetric information. Nash-Walras equilibria exist for large economies, even if utilityfunctions are not quasi …
Persistent link: https://www.econbiz.de/10005043193
Persistent link: https://www.econbiz.de/10005032132
played by the distributional neutrality of tatonnement in Walras's pure theory of exchange. Part 2 extends this discussion to … Walras's attempts at reaching a similar result when dealing with the successive versions of his theory of production before … 1900. Part 3 contrasts Walras's and Edgeworth's respective technologies of exchange in order to demonstrate that a …
Persistent link: https://www.econbiz.de/10005505426
Les ingénieurs économistes français avaient accueilli avec beaucoup de réticences l’œuvre de Walras. Ils ne pensaient … les analyses que faisait Walras des choix intertemporels et de la formation des prix monétaires. C’est en s’appuyant sur …’est à juste raison que ce modèle fut qualifié de néo-walrasien car c’est bien du modèle que Walras avait élaboré dans les …
Persistent link: https://www.econbiz.de/10005523763
The belief that equality of demand and supply determines price and clears the market is universal. Shockingly, this belief is unfounded. It contradicts macro’s claim that equality of demand and supply determines output. It contradicts (new) monetary theory, which claims that equality of demand...
Persistent link: https://www.econbiz.de/10005413280
Persistent link: https://www.econbiz.de/10005753300
The existence of Nash and Walras equilibrium is proved via Brouwer's Fixed Point Theorem, without recourse to Kakutani …'s Fixed Point Theorem for correspondences. The domain of the Walras fixed point map is confined to the price simplex, even …
Persistent link: https://www.econbiz.de/10005593373
This text comprises chapter 1 of Marx and non-equilibrium Economics[1]. It specifies a non-equilibrium (temporal) interpretation of Marx’s theory of value which demonstrates a fully consistent transformation of values into prices and reproduces Marx’s tendential law of the falling profit...
Persistent link: https://www.econbiz.de/10005620036