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out to have a most elusive meaning; In a second section, I compare Marshall and Walras on equilibrium and time. Whenever …The aim of this paper is to ponder upon Marshall’s conception of equilibrium and to confront it withWalras’s. In a … possibility of disequilibrim. When Walras credit model is taken into account the result is more complicated. An important …
Persistent link: https://www.econbiz.de/10004984759
The notion of solution plays a crucial role in the conceptual system of Léon Walras, the founder of General Equilibrium … Theory (GET). In this paper, after introducing the two solution concepts employed by Walras in the development of his version … conception gives rise to, as well as the attempts Walras makes to dodge them. In particular, after showing how Walras tries to …
Persistent link: https://www.econbiz.de/10005007132
Persistent link: https://www.econbiz.de/10010548499
-called Lausanne school, this article attempts to discuss the two very different invisible hands behind Walras' and Pareto's respective … version of general equilibrium. Unlike Mittermaier, today, researchers on Walras and Pareto are blessed with the existence of …
Persistent link: https://www.econbiz.de/10015427380
between market à la Walras and market clearing à la Marshall exists : in the former market clearing is equilibrium, while in … labour market. Again the conclusion reached is affirmative both for Marshall’s theory and for present-day Marshallian models …
Persistent link: https://www.econbiz.de/10004984705
In this contribution we relate the respective works of two important economists, Friedrich von Hayek and Michael Bacharach, namely one of the main intellectual leaders of the Austrian Schools and one of the most original game theorists. Hayek and Bacharach are two authors - few in number – who...
Persistent link: https://www.econbiz.de/10011228134
This paper aims at casting light on editorial boards of leading journals in economics. This topic has been largely neglected by economists and sociologists of science, although the crucial role played by editors of prestigious journals in steering the discipline. We start our analysis by mapping...
Persistent link: https://www.econbiz.de/10011274987
The belief that equality of demand and supply determines price and clears the market is universal. Shockingly, this belief is unfounded. It contradicts macro’s claim that equality of demand and supply determines output. It contradicts (new) monetary theory, which claims that equality of demand...
Persistent link: https://www.econbiz.de/10005413280
This paper shows that Marshall's theory is generally equivalent to Walras's one. It shows that Walras used two types of …. Marshall also used both types of demand curves (function); however he did so in a very simplified and vague manner. Walras used … the whole (macro) economy in a similar way to Walras, he did not formulate mathematically that model. Marshall also …
Persistent link: https://www.econbiz.de/10011118330
. Against this setup I retrace his influence over three of the most important economists of the end of the XIXth century: Walras …, Edgeworth and Marshall. I show that there exists a theoretical representation that constitutes the indisputable reference … la influencia que sus ideas tuvieron sobre tres de los principales autores de finales del siglo XIX: Walras, Edgeworth y …
Persistent link: https://www.econbiz.de/10010763158