A Review of "existence and Optimality
نویسندگان
چکیده
The theory of general economic equilibrium is surely one of the central achievements of modern economics. Although economists hold a wide range of views about the theory's usefulness as a guide to understanding or ameliorating the behavior of actual economies, its theorems and results concerning the efficiencY'of price-taking be havior in appropriately decentralized economic environments will no doubt continue to plague, perplex, or perhaps delight graduate stu dents for years to come. General equilibrium theory (GET) had its beginnings in the late nineteenth century in the work of L. Walras and F.Y. Edgeworth. It began to flower in the 1950's, with significant work done by K. Arrow, G. Debreu, and L. MacKenzie, among others. This body of work is perhaps most concisely articulated in Debreu's (1959) Theory of Value, which lays out theoretical results on the existence and effi ciency of competitive equilibria in particular environments as well as a general framework for future research. In this framework, economies are represented by mathematical objects independently susceptible to rigorous formal mathematical analysis. Thus, the means of analysis and the interpretation of analytical results are conceptually distinct, which has the benefit of allowing researchers to express and commu nicate their results in an unambiguous and widely understandable language, that of mathematics. A related cost is that these research results can appear intimidating at best, and arbitrary and misleading at worst, to the mathematically unsophisticated.
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تاریخ انتشار 2010