Macroeconomic Models and Microeconomic Theory: The Contribution of General Equilibrium Theory

Author(s):  
Victor Ginsburgh ◽  
Jean Mercenier ◽  
P. Kooiman
Author(s):  
Martin Shubik

Abstract Accounting both for macro and microeconomic purposes deals with process and dynamics. Much of the best microeconomic theory has dealt only with statics. General equilibrium theory shows the virtues of a price system, but abstracts from price formation and all of the accounting problems which appear in disequilibrium. An approach is suggested here for reconciliation of accounting with general equilibrium. More generally, it is suggested that the importance of accounting to economic theory has been underestimated.


2010 ◽  
pp. 4-23 ◽  
Author(s):  
K. Arrow

The article considers the evolution of some branches of modern economic theory from the perspective of the authors biography as a scientist and his professional formation. It describes problems of econometrics, general equilibrium theory, uncertainty, economics of information, and growth. It is shown how different authors representing various fields came to similar conclusions simultaneously and independently, what were the problems, in response to which economists of the second half of last century developed their theories, and what were the contexts of such development.


2000 ◽  
Vol 92 (1) ◽  
pp. 96-121 ◽  
Author(s):  
Charalambos D. Aliprantis ◽  
Rabee Tourky ◽  
Nicholas C. Yannelis

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