In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate.
General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.

chapter |26 pages

Introduction by Fabio Petri

chapter |8 pages

Introduction by Frank Hahn

chapter 1|23 pages

Existence of GE

Are the cases of non-existence a cause for serious worry?

chapter 3|21 pages

Disequilibrium and stability

chapter 4|22 pages

Statistical equilibrium in economics

Method, interpretation, and an example

chapter 9|37 pages

Endogenous uncertainty and rational belief equilibrium

A unified theory of market volatility

chapter 15|17 pages

Competitive equilibrium and non-cooperative game theory

Noise and bounded rationality

chapter 17|18 pages

General equilibrium: problems, prospects and alternatives

An attempt at synthesis

chapter 18|35 pages

General equilibrium: problems, prospects and alternatives

Final discussion