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Economics Beyond the Millennium$
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Alan P. Kirman and Louis-André Gérard-Varet

Print publication date: 1999

Print ISBN-13: 9780198292111

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292112.001.0001

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The Theory of Prices and Resource Allocation

The Theory of Prices and Resource Allocation

Chapter:
(p.23) 2 The Theory of Prices and Resource Allocation
Source:
Economics Beyond the Millennium
Author(s):

Edmond Malinvaud

Publisher:
Oxford University Press
DOI:10.1093/0198292112.003.0003

Edmond Malinvaud takes the position, in this chapter, that rigorous analysis will continue to dominate economic theory and that various extensions are still possible without completely abandoning the standard theoretical framework. Nevertheless, he argues forcefully that models must be constantly tested against empirical data and that theory cannot develop in isolation.

Keywords:   econometrics, efficiency, mathematics, prices, resource allocation

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