What are General Equilibrium Theories?
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A little philosophy of science can be a troubling thing. Simplified treatments of philosophy of science maintain that scientists formulate generalizations or theories, derive implications from them, and retain these generalizations or theories (albeit with some caution) as long as they pass the experimental tests. This story is heavily oversimplified, and its general inadequacies are familiar and shall not be repeated here. But this story is both well-known and a simplification of a truth, not mere error.
KeywordsGeneral Equilibrium Marginal Utility Utility Theory Real Economy Competitive Equilibrium
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