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In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate.
General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.
List of contents
1. Elvio Accinelli Existence of GE: are the Cases of Non-Existence a Cause of Serious Worry? 2. Aloisio Araujo and Wilfredo Maldonado Learning in Intertemporal Equilibrium Models and the Sunspot Case 3. Franklin M. Fisher Disequilibrium and Stability 4. Duncan K. Foley Statistical Equilibrium in Economics: Method, Interpretation, and an Example 5. Pierangelo Garegnani Savings, Investment and Capital in a System of General Intertemporal Equilibrium. With a Mathematical Note by Michele Tucci 6. Herb Gintis Some Implications of Endogenous Contract Enforcement for General Equilibrium Theory 7. Frank H. Hahn Macro-Economics and General Equilibrium 8. Heinz D. Kurz and Neri Salvadori 'Classical' vs. 'Neoclassical' Theories of Value and Distribution and the Long-Period Method 9. Mordecai Kurz Endogenous Uncertainty and Rational Belief Equilibrium: a Unified Theory of Market Volatility 10. Michael Magill and Martine Quinzii Incentives and the Stock Market in General Equilibrium 11. Michael Magill and Martine Quinzii Intermediation, the Stock Market and Intergenerational Transfers 12. Michael Mandler The Sequential Indeterminacy Problem 13. Michio Morishima General Equilibrium and the Destiny of Capitalism á la Schumpeter 14. Fabio Petri A 'Sraffian' Critique of General Equilibrium Theory, and the Classical-Keynesian Alternative 15. Hamid Sabourian Competitive Equilibrium and Noncooperative Game Theory: Noise and Bounded Rationality 16. Bertram Schefold Applications of the Classical Approach 17. Alan Kirman General Equilibrium: Problems, Prospects and Alternatives: an Attempt at a Synthesis 18. Final Discussion Session
About the author
Fabio Petri, Frank Hahn (University of Siena)
Summary
In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This book brings together leading economic theorists with important contributions to the this debate.
