The Flawed Foundations of General Equilibrium Theory (Routledge Frontiers of Political Economy)

✍ Scribed by Frank Ackerman

• Year: 2004
• Tongue: English
• Leaves: 237
• Category: Library

✦ Synopsis

This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and researchers in economics and related social science disciplines.

✦ Table of Contents

Book Cover......Page 1
Title......Page 4
Contents......Page 5
List of contributors......Page 14
Acknowledgments......Page 15
Introduction: underneath the flawed foundations......Page 18
Still dead after all these years: interpreting the failure of general equilibrium theory......Page 31
Behind the building blocks: commodities and individuals in general equilibrium theory......Page 50
Money and prices: the limits of the general equilibrium theory......Page 65
The law of supply and demand in the proof of existence of general competitive equilibrium......Page 85
Consumed in theory: alternative perspectives on the economics of consumption......Page 103
Choice of technique revisited: a critical review of the theoretical underpinnings......Page 116
Existence values and priceless externalities......Page 133
Contradictions of the open economy model as applied in Mexico......Page 149
An offer you can't refuse: free trade, globalization, and the search for alternatives......Page 166
Computable abstraction: general equilibrium models of trade and environment......Page 185
Freedom and submission: individuals and the invisible hand......Page 198
References......Page 219
Index......Page 233