Technological progress as a major source of economic development stems from the interaction of two types of innovations, drastic and incremental. While the former sets the fundamental pace of economic progress by redefining production possibilities as Schumpeter strongly emphasized, the latter...

We consider economies with general consumption sets in a vector lattice commodity space. We show, by adapting the techniques of Mas-Colell and Richard (8) and Richard (10), the Edgeworth equilibria can be supported as pseudo-equilibria by continuous prices. A corollary of this result is that...