A Critique of Disaggregated Economic Theory
نویسنده
چکیده
Abstract: This paper presents an exercise developing a long run general equilibrium model. The fully developed example shows that models developed on neoclassical premises need not support the neoclassical conceptions of prices as reflecting relative scarcities and of substitution as characterizing comparisons of equilibria. Also, certain stability problems are indicated. The conclusion is that supply and demand, as based on utility maximization and cost minimization, do not explain regularities in long run positions. Thus, Sraffa’s work has implications for disaggregated neoclassical theory.
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