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Introduction: three ways of looking at economic equilibrium

Mosini, Valeria (2007) Introduction: three ways of looking at economic equilibrium. In: Mosini, Valeria, (ed.) Equilibrium in Economics: Scope and Limits. Routledge frontiers of political economy. Routledge, Abingdon, UK, pp. 1-16. ISBN 9780415493666

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Abstract

General Equilibrium Theory, which became the dominating paradigm after the Second World War, is founded on the postulated existence, uniqueness, and stability of equilibrium in economic processes. Since then, the concept has come under sustained attack from all points of the heterodox compass, from Austrian economists to Marxists. Partly in response to these pressures, mainstream economics has changed and moved away from the rigid framework of GET. Nonetheless, economists are continually arguing in terms of equilibrium and the existence of a variety of equilibrium concepts continues to stir controversy. The contributions in this book, which include articles from Tony Lawson, Ivor Grattan-Guinness and Roger Backhouse, highlight current notions of equilibrium in economics and provide a guide to understanding the links between economic theory and economic reality.

Item Type: Book Section
Official URL: http://www.routledge.com/
Additional Information: © 2007 The Author
Divisions: International Development
Subjects: H Social Sciences > HB Economic Theory
Sets: Departments > International Development
Date Deposited: 20 Dec 2013 09:54
Last Modified: 20 Feb 2019 05:22
URI: http://eprints.lse.ac.uk/id/eprint/55082

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