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The Equilibrium ManifoldPostmodern Developments in the Theory of General Economic Equilibrium$
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Yves Balasko

Print publication date: 2009

Print ISBN-13: 9780262026543

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262026543.001.0001

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The First Two Phases of General Equilibrium Theory

The First Two Phases of General Equilibrium Theory

Chapter:
1 (p.1) The First Two Phases of General Equilibrium Theory
Source:
The Equilibrium Manifold
Author(s):

Yves Balasko

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262026543.003.0011

This chapter surveys the first hundred years of the theory of general equilibrium, the period from 1870 to 1970. It focuses on how the theory has evolved from the problems studied by Walras, Jevons, Pareto, and their contemporaries, to the emergence of the Arrow–Debreu model and the successes and sometimes failures of its study. The evolution of the theory of general equilibrium has followed the progress of mathematics very closely.

Keywords:   general equilibrium theory, Arrow–Debreu model, mathematics

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