This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and resea

chapter |13 pages


Underneath the flawed foundations

chapter |19 pages

Still dead after all these years

Interpreting the failure of general equilibrium theory

chapter |15 pages

Behind the building blocks

Commodities and individuals in general equilibrium theory

chapter |20 pages

Money and prices

The limits of the general equilibrium theory

chapter |13 pages

Consumed in theory

Alternative perspectives on the economics of consumption

chapter |17 pages

Choice of technique revisited

A critical review of the theoretical underpinnings

chapter |19 pages

An offer you can’t refuse

Free trade, globalization, and the search for alternatives

chapter |13 pages

Computable abstraction

General equilibrium models of trade and environment

chapter |21 pages

Freedom and submission

Individuals and the invisible hand