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General Equilibrium Theory, which became the dominating paradigm after the Second World War, is founded on the postulated existence, uniqueness, and stability of equilibrium in economic processes. Since then, the concept has come under sustained attack from all points of the heterodox compass, from Austrian economists to Marxists.
Partly in response to these pressures, mainstream economics has changed and moved away from the rigid framework of GET. Nonetheless, economists are continually arguing in terms of equilibrium and the existence of a variety of equilibrium concepts continues to stir controversy.
The contributions in this book, which include articles from Tony Lawson, Ivor Grattan-Guinness and Roger Backhouse, highlight current notions of equilibrium in economics and provide a guide to understanding the links between economic theory and economic reality.
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About the Author:
Valeria Mosini is at the London School of Economics and at the University ‘La Sapienza’ in Rome.
"About this title" may belong to another edition of this title.
- PublisherRoutledge
- Publication date2007
- ISBN 10 0415493668
- ISBN 13 9780415493666
- BindingPaperback
- Edition number1
- Number of pages312
- EditorMosini Valeria
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