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OverviewThis work on microeconomics offers interpretations of both its strengths and its weaknesses. It shows how the general equilibrium ideas of Walras and Marshall were gradually transformed after 1930 into formalized accounts of imaginary economies where trading never occurs. Full Product DetailsAuthor: Manuel L. CostaPublisher: Edward Elgar Publishing Ltd Imprint: Edward Elgar Publishing Ltd Dimensions: Width: 15.60cm , Height: 2.00cm , Length: 23.40cm Weight: 0.490kg ISBN: 9781858989587ISBN 10: 1858989582 Pages: 232 Publication Date: 18 December 1998 Audience: College/higher education , Undergraduate , Postgraduate, Research & Scholarly Format: Hardback Publisher's Status: Active Availability: To order  Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us. Table of ContentsContents: 1. Introduction 2. Walras’s Program and the Neowalrasian Diversion 3. How Standard Price Theory Became Predominantly Neowalrasian 4. On Markets 5. An Afterthought: How Elusive is the Construction of a General Model of Decentralized Exchange? Appendix ReferencesReviews'In this book, Dr Costa has made a substantial addition to the literature that establishes the absence of economic foundations for current general equilibrium models. He rightly emphasizes the lack in them of an account of the behavior of decentralized markets like those which predominate in reality, and indicates respects in which the theoretical formulation of such markets can be undertaken. The book will be profitably studied by students and professors of economics alike.' -- Donald A. Walker, Indiana University of Pennsylvania, US 'Manuel Costa's General Equilibrium Analysis and the Theory of Markets offers a stealth-like rather than a frontal attack on contemporary microtheory. In it, he painstakingly describes how the general equilibrium ideas of Walras and Marshall - both aimed at describing adjustment processes in real - world markets - were gradually transformed after 1930 into formalized accounts of imaginary economies where trading never occurs even though a central coordinator is presumed to oversee the meshing of transistor trading plans and the establishment of competitive equilibrium trading prices! The beauty of Costa's stealth approach is its evenhandedness: it offers the same deep understanding of the strengths as of the weaknesses of contemporary microeconomics. Costa's book thus can be read with as much pleasure and profit - and food for productive thought - by devotees as by opponents of received doctrine.' -- Robert W. Clower, University of South Carolina, US, Brasenose College, Oxford, UK and University of California, Los Angeles, US 'In this book, Dr Costa has made a substantial addition to the literature that establishes the absence of economic foundations for current general equilibrium models. He rightly emphasizes the lack in them of an account of the behavior of decentralized markets like those which predominate in reality, and indicates respects in which the theoretical formulation of such markets can be undertaken. The book will be profitably studied by students and professors of economics alike.' -- Donald A. Walker, Indiana University of Pennsylvania, US 'Manuel Costa's General Equilibrium Analysis and the Theory of Markets offers a stealth-like rather than a frontal attack on contemporary microtheory. In it, he painstakingly describes how the general equilibrium ideas of Walras and Marshall - both aimed at describing adjustment processes in real - world markets - were gradually transformed after 1930 into formalized accounts of imaginary economies where trading never occurs even though a central coordinator is presumed to oversee the meshing of transistor trading plans and the establishment of competitive equilibrium trading prices! The beauty of Costa's stealth approach is its evenhandedness: it offers the same deep understanding of the strengths as of the weaknesses of contemporary microeconomics. Costa's book thus can be read with as much pleasure and profit - and food for productive thought - by devotees as by opponents of received doctrine.' -- Robert W. Clower, University of South Carolina, US, Brasenose College, Oxford, UK UCLA, US `In this book, Dr Costa has made a substantial addition to the literature that establishes the absence of economic foundations for current general equilibrium models. He rightly emphasizes the lack in them of an account of the behavior of decentralized markets like those which predominate in reality, and indicates respects in which the theoretical formulation of such markets can be undertaken. The book will be profitably studied by students and professors of economics alike.' -- Donald A. Walker, Indiana University of Pennsylvania, US `Manuel Costa's General Equilibrium Analysis and the Theory of Markets offers a stealth-like rather than a frontal attack on contemporary microtheory. In it, he painstakingly describes how the general equilibrium ideas of Walras and Marshall - both aimed at describing adjustment processes in real - world markets - were gradually transformed after 1930 into formalized accounts of imaginary economies where trading never occurs even though a central coordinator is presumed to oversee the meshing of transistor trading plans and the establishment of competitive equilibrium trading prices! The beauty of Costa's stealth approach is its evenhandedness: it offers the same deep understanding of the strengths as of the weaknesses of contemporary microeconomics. Costa's book thus can be read with as much pleasure and profit - and food for productive thought - by devotees as by opponents of received doctrine.' -- Robert W. Clower, University of South Carolina, US, Brasenose College, Oxford, UK UCLA, US Author InformationManuel Luís Costa, Professor of Economics, University of Porto, Portugal Tab Content 6Author Website:Countries AvailableAll regions |
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