The Current Non-Status of General Equilibrium Theory

Donald W. Katzner
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Donald W. Katzner: University of Massachusetts Amherst

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: This paper argues that the abandonment of general equilibrium theory by microeconomists was a mistake. It provides counter arguments to two of the reasons for that abandonment — lack of both generality and consistency with methodological individualism in uniqueness and stability analysis of equilibria — and urges microeconomists to refocus some of their attention on it.

Keywords: general equilibrium theory; price determination; methodological individualism. (search for similar items in EconPapers)
JEL-codes: D50 (search for similar items in EconPapers)
Date: 2004-06, Revised 2005-08
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