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Economic Exchange and Social Organization

The Edgeworthian foundations of general equilibrium theory

  • Robert P. Gilles
Book

Part of the Theory and Decision Library book series (TDLC, volume 12)

Table of contents

  1. Front Matter
    Pages i-xi
  2. Robert P. Gilles
    Pages 1-22
  3. Robert P. Gilles
    Pages 23-52
  4. Robert P. Gilles
    Pages 53-97
  5. Robert P. Gilles
    Pages 99-131
  6. Robert P. Gilles
    Pages 133-180
  7. Robert P. Gilles
    Pages 181-224
  8. Robert P. Gilles
    Pages 225-282
  9. Back Matter
    Pages 283-311

About this book

Introduction

This book aims to develop an institutional approach to general economic equi­ librium. Thus far, institutional economics has essentially been confined to purely verbal discourse. Here I argue the case that general equilibrium theory forms a well rounded basis for the development of an institutional economic the­ ory. The fundamental economic trade mechanism underlying this refocusing is that of the Edgeworthian barter mechanism modelled through the equilibrium notion of the core of an economy. There is an extensive literature that links the core with the Walrasian price mechanism, which is explored in this book. Next I develop an alternative model of explicitly nonsovereign trade in the setting of an institutionally structured economy. In this book the core and several of its extensions are considered to be descriptions of the equilibrium allocations resulting from institutionalized barter processes, thereby providing a basis of an institutionally based economic theory. Traditionally finite economies have been assessed as the most natural represen­ tations of real life economies, in particular of market economies. Many funda­ mental insights have been developed. In the first half of the book I summarize the most influential and important results in the literature on finite economies regarding the relationship of the Walrasian model of a perfectly competitive market system and the Edgeworthian theory of individually based, pure barter processes. I use the axiomatic method as the main methodological framework according to which I construct my models.

Keywords

economic theory equilibrium general equilibrium general equilibrium theory

Authors and affiliations

  • Robert P. Gilles
    • 1
  1. 1.Virginia Polytechnic Institute and State UniversityBlacksburgUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4613-1285-7
  • Copyright Information Springer-Verlag US 1996
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4612-8549-6
  • Online ISBN 978-1-4613-1285-7
  • Series Print ISSN 0924-6126
  • Buy this book on publisher's site
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