A major effort is taking place in many parts of the world to establish market-oriented institutions, a development that is particularly evident in the context of the transforming economies in Eastern Europe and the republics of the former Soviet Union. Against this background, this paper...

"Restrictions that general equilibrium theory place upon average returns are found to be strongly violated by the U.S. data in the 1889-1978 period. This result is robust to model specification and measurement problems. We conclude that equilibrium models which are not Arrow-Debreu economies are...