Neoclassical Economics from Triumph to Crisis

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Second edition

Published in print May 2005 | ISBN: 9780199279142
Published online October 2005 | e-ISBN: 9780191602887 | DOI:
Neoclassical Economics from Triumph to Crisis

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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.  22885 words.  Illustrated.

Subjects: History of Economic Thought

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