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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

(p.380) 10 Neoclassical Economics from Triumph to Crisis
An Outline of the History of Economic Thought

Ernesto Screpanti (Contributor Webpage)

Stefano Zamagni (Contributor Webpage)

Oxford University Press

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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