Abstract
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.
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© 1988 Kluwer Academic Publishers
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Howard, M.C. (1988). The General Equilibrium Theory of Distribution. In: Asimakopulos, A. (eds) Theories of Income Distribution. Recent Economic Thought Series, vol 12. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-2661-5_8
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DOI: https://doi.org/10.1007/978-94-009-2661-5_8
Publisher Name: Springer, Dordrecht
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