The Flawed Foundations of General Equilibrium Theory Critical Essays on Economic Theory

This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and researchers in economics and related social science disciplines.

Ackerman and Nedal. Introduction: Underneath the Flawed Foundations1. Ackerman . Still Dead After All these Years ( Journal of Economic Methodology )2. Nadal . Behind the Building Blocks: Commodities and Agents3. Benetti . Money and Prices: Commodities and Agents4. Benetti, Nadal, Salas , The Law of Supply and Demand in the Proof of Existence of General Competitive Equilibrium5. Ackerman , Consumed in Theory ( Journal of Economic Issues 1997 )6. Nadal , Choice of Technique Revisited ( World Development 1990 )7. Ackerman , Existence Values and Priceless Externalities8. Nadal, Contradictions of the Open Economy Model9. Ackerman. An Offer You Can't Refuse10. Ackerman , Gallagher. Computable Abstraction11. Nadal . Freedom and Submission: Individuals and the Invisible Hand (early version in Analisis Economico , Mexico City, 1998)

Frank Ackerman, Alejandro Nadal, Kevin P. Gallagher