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Recent Developments in Economic Theory.

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Title: Recent Developments in Economic Theory.
Authors: Foley, Duncan K.
Source: Social Research. Fall90, Vol. 57 Issue 3, p665-687. 23p.
Subjects: Production (Economic theory), Microeconomics, Markets, Supply & demand, Economic equilibrium
Abstract: This article focuses on the latest developments in mainstream economic theory as of 1999. Changes in economic theory are particularly significant in a period when the Stalinist version of Marxian theory is also in disarray, and the whole question of markets and economic coordination in socialist economies is in practical and theoretical flux. The most important abstract results in the finite-commodity space general-equilibrium theory are that equilibria are locally unique, that is, prices close to but different from the equilibrium prices leave an imbalance between supply and demand, and that a logical link exists between competitive equilibrium allocations and an efficient allocation of resources. A stronger theory of the productive unit can now develop to balance the so far one-sided concentration of theory on market interactions.
Database: Psychology and Behavioral Sciences Collection
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PubType: Academic Journal
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  Data: This article focuses on the latest developments in mainstream economic theory as of 1999. Changes in economic theory are particularly significant in a period when the Stalinist version of Marxian theory is also in disarray, and the whole question of markets and economic coordination in socialist economies is in practical and theoretical flux. The most important abstract results in the finite-commodity space general-equilibrium theory are that equilibria are locally unique, that is, prices close to but different from the equilibrium prices leave an imbalance between supply and demand, and that a logical link exists between competitive equilibrium allocations and an efficient allocation of resources. A stronger theory of the productive unit can now develop to balance the so far one-sided concentration of theory on market interactions.
PLink https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=pbh&AN=9612044334
RecordInfo BibRecord:
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    Languages:
      – Code: eng
        Text: English
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        PageCount: 23
        StartPage: 665
    Subjects:
      – SubjectFull: Production (Economic theory)
        Type: general
      – SubjectFull: Microeconomics
        Type: general
      – SubjectFull: Markets
        Type: general
      – SubjectFull: Supply & demand
        Type: general
      – SubjectFull: Economic equilibrium
        Type: general
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      – TitleFull: Recent Developments in Economic Theory.
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              M: 09
              Text: Fall90
              Type: published
              Y: 1990
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              Value: 57
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            – TitleFull: Social Research
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