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An Outline of the History of Economic Thought$
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Ernesto Screpanti and Stefano Zamagni

Print publication date: 2005

Print ISBN-13: 9780199279142

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199279144.001.0001

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Neoclassical Economics from Triumph to Crisis

Neoclassical Economics from Triumph to Crisis

Chapter:
(p.380) 10 Neoclassical Economics from Triumph to Crisis
Source:
An Outline of the History of Economic Thought
Author(s):

Ernesto Screpanti (Contributor Webpage)

Stefano Zamagni (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199279144.003.0011

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

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