Chapter

Contemporary Economic Theory: II

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print August 1995 | ISBN: 9780198774556
Published online November 2003 | e-ISBN: 9780191717383 | DOI: http://dx.doi.org/10.1093/0198774559.003.0011
 Contemporary Economic Theory: II

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Considers the neo‐Walrasian approach to general economic equilibrium. The conquest of the existence theorem is compared with the defeat on the grounds of uniqueness and stability. Examines the developments in the new welfare economics in the light of Arrow's impossibility theorem and Sen's critique of utilitarianism. Concludes with the controversy on marginalism in the theory of firm.

Keywords: Arrow's theorem; behaviourism; Coase's theorem; managerial theory; market failures; Sen's theorem; temporary equilibrium

Chapter.  21162 words.  Illustrated.

Subjects: History of Economic Thought

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