The General Equilibrium Theory of Distribution

Part of the Recent Economic Thought Series book series (RETH, volume 12)


There are various forms of general equilibrium theory. Marxian, neoclassical, modern forms of Keynesianism and Sraffian economics may all be so classified since each exhibits a concern with the equilibrium states of whole economies, represented in a disaggregated form, rather than that of some sector. They differ in the way economies are conceptualised and the properties attributed to equilibrium states. This chapter is concerned with the neo-classical version, which is usually referred to as Walrasian theory, after its originator Leon Walras [1874]. Furthermore, attention is limited to the theory in the context of competition (where each agent is a price taker). Walrasian theorists have treated noncompetitive economies, but they have done so to a much lesser extent and the competitive version is far more advanced.


Income Distribution General Equilibrium Future Market Equilibrium Theory Spot Market 
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© Kluwer Academic Publishers 1988

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