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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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GeneRal EQuilibrium Economics: Allowing for Imperfect Competition

GeneRal EQuilibrium Economics: Allowing for Imperfect Competition

(p.114) 6 GeneRal EQuilibrium Economics: Allowing for Imperfect Competition
Economics Beyond the Millennium

Jean J. Gabszewicz

Oxford University Press

The author argues that the only possible microeconomic theory is the one based on the general equilibrium model. After a historical account of efforts to incorporate agents with market power into the general equilibrium model, he discusses the problems faced in this area and possible avenues for future research. He sees, as one of the major stumbling blocks to this endeavour, the difficulties in incorporating production and particularly increasing returns to scale into the model.

Keywords:   imperfect competition, general equilibrium, increasing returns to scale, production

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