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The Flawed Foundations of General Equilibrium Theory : Critical Essays on Economic Theory - Frank Ackerman

The Flawed Foundations of General Equilibrium Theory

Critical Essays on Economic Theory

Hardcover

Published: 24th June 2004
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Does economic theory, and its many practical applications, rest on concrete foundations? Given the influence and prestige afforded to orthodox economic policy advice, apparently the answer is a resounding "yes."
Economists Frank Ackerman and Alejandro Nadal present a fundamental challenge to this received wisdom, demonstrating that neither the abstractions of general equilibrium nor their real-world consequences, stand up to logical scrutiny. Themes critically analyzed in this book include:
* Economics' assumptions about consumer behavior
* Individual choices and the role of money
* The Application of economic theory to current debates in globalization, trade and development.
"The Flawed Foundations of General Equilibrium Theory "shows that there are fatal flaws in the standard theoretical model of a market economy. As such it will be an enlightening read for economists throughout the world of all persuasions.

Introduction: Underneath the Flawed Foundations
Ackerman. Still Dead After All these Years (Journal of Economic Methodology)
Nadal . Behind the Building Blocks: Commodities and Agents
Benetti . Money and Prices: Commodities and Agents
Benetti, Nadal, Salas, The Law of Supply and Demand in the Proof of Existence of General Competitive Equilibrium
Ackerman , Consumed in Theory ( Journal of Economic Issues 1997 )
Nadal , Choice of Technique Revisited ( World Development 1990 )
Ackerman , Existence Values and Priceless Externalities
Nadal, Contradictions of the Open Economy Model
Ackerman An Offer You Can't Refuse
Ackerman , Gallagher Computable Abstraction
Nadal . Freedom and Submission: Individuals and the Invisible Hand (early version in Analisis Economico , Mexico City, 1998)
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415700016
ISBN-10: 0415700019
Series: Routledge Frontiers of Political Economy (Numbered)
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 240
Published: 24th June 2004
Country of Publication: GB
Dimensions (cm): 23.39 x 15.6  x 1.42
Weight (kg): 0.51
Edition Number: 1