Substitutability and the quest for stability

Jean-Sébastien Lenfant ()
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Jean-Sébastien Lenfant: UP1 - Université Paris 1 Panthéon-Sorbonne, PRISM Sorbonne - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: The analysis of the stability of a Walrasian tâtonnement is a central chapter in the history of General Equilibrium Theory. The article aims to provide a historical reconstruction of this research program, starting with Hicks' Value and Capital (1939). It departs from existing narratives by its focus on the concept of substitutability. It is argued that the concept combined various qualities that made it an element of positive heuristic in the research program. The article chronicles the collapse of this positive heuristic in the 1970s and reevaluates the role of Sonnenschein-Mantel-Debreu results.

Keywords: General equilibrium theory; stability; substitutability; Sonnenschein-Mantel-Debreu; methodology (search for similar items in EconPapers)
Date: 2022-03-04
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Citations: View citations in EconPapers (2)

Published in European Journal of the History of Economic Thought, 2022, 29 (2), pp.294-328. ⟨10.1080/09672567.2021.1987494⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04021755

DOI: 10.1080/09672567.2021.1987494

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