By examining the development of economics in the 20th century, this book argues that the breakthroughs of post-World War II general equilibrium theory and its rejection of utilitarianism and marginal productivity have been misunderstood. Mandler maintains that although earlier neoclassicism...

This book compares the economic theory of the early neoclassical economists with the theory of value of the post-World War II period, and in particular the Arrow-Debreu model of general equilibrium. It argues that many of the difficult problems faced in the early parts of the century -- that led...