Réflexions sur la concrétisation de l'équilibre économique

Guesnerie Roger ()

DELTA Working Papers from DELTA (Ecole normale supérieure)

Abstract: This text refers to the Walras' views of what can be called the "implementation" of equilibrium, i.e the passage from the initial data of the economy to equilibrium prices (where the emphasis is put not on informational but rather, as in Walras on computational problems). After a brief assessment of the contemporary work on the "tâtonnement", it is argued that the recent theoretical literature underscores the "implementation" questions and in particular, but not only, the discussion of the computational virtues of markets as algorithms. It however improves upon our understanding of implementation, for example in the treatment of expectations, and subjects it to new challenges. Two tracks, related to current work, are explored, first concerning the problem of expectations formation, second introducing asymmetry in the pricing of goods and factors.

Date: Written 2004

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