The Miracle of General Equilibrium

2019 ◽  
Vol 4 (4) ◽  
Author(s):  
Philip Pilkington
Keyword(s):  
General Equilibrium ◽  
Real World ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
The Real ◽  
Mainstream Economics

If general equilibrium theory does not accurately explain what happens in the real world, then what does? Philip Pilkington casts a critical eye over the foundations of mainstream economics.

scholarly journals Kaldor and Kornai on economics without equilibrium – two life courses

2017 ◽  
Vol 67 (s1) ◽  
pp. 47-66
Author(s):  
Peter Mihalyi
Keyword(s):  
General Equilibrium ◽  
Common Ground ◽  
Mother Tongue ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Economic Profession ◽  
Mainstream Economics ◽  
Academic Literature ◽  
Life Courses

Nicholas Kaldor and János Kornai are known in the academic literature as the most principled and unyielding opponents of the neoclassical, mainstream economics in general, and the Arrow-Debreu General Equilibrium Theory (GET) in particular since the beginning of the 1970s. Nevertheless, they remained in the minority camp with their views until today. The mainstream of the economic profession still holds that only the neoclassical paradigm offers a comprehensive, systematic, consistent and, above all, mathematical (hence “scientific”) description of how modern economies operate. This paper aims at investigating why these two prolific writers, who were friends and spoke the same mother tongue, did not find a common ground and did not even try to build a school of followers jointly.

What Did The Study of The Soviet Economy Contribute to Mainstream Economics?

2010 ◽  
pp. 39-55
Author(s):  
M. Ellman
Keyword(s):  
Economic Growth ◽  
Property Rights ◽  
General Equilibrium ◽  
Informal Sector ◽  
Institutional Economics ◽  
Soviet Economy ◽  
General Equilibrium Theory ◽  
Mainstream Economics ◽  
Universal Applicability ◽  
Soviet Experience

This article is an overview of the contribution made by economic Sovietology to mainstream economics. The long debate about the universal applicability of mainstream economics is reconsidered in the light of the Soviet experience. Information is provided on the contribution of the study of the Soviet economy to fields as diverse as the measurement of economic growth, institutional economics, economic administration, the economics of property rights, the economics of the informal sector, the economics of famines, the Austrian critique of general equilibrium theory, and incentives.

Some Developments in Economic Theory Since 1940: An Eyewitness Account

2010 ◽  
pp. 4-23 ◽  
Author(s):  
K. Arrow
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Economics Of Information ◽  
Modern Economic ◽  
Eyewitness Account ◽  
Theory Uncertainty ◽  
Professional Formation

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.

Cone Conditions in General Equilibrium Theory

2000 ◽  
Vol 92 (1) ◽  
pp. 96-121 ◽  
Author(s):  
Charalambos D. Aliprantis ◽  
Rabee Tourky ◽  
Nicholas C. Yannelis
Keyword(s):  
General Equilibrium ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Cone Conditions
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