Does economic theory rest on solid logical foundations?
The influence and prestige afforded to orthodox
economics - both as a theory and a source of policy
advice - suggests the answer is a resounding "yes."
Economists Frank Ackerman and Alejandro Nadal, authors
of this book, present a funda¬mental challenge
to this received wisdom. They demonstrate that neither
the abstractions of general equilibrium nor their
real-world consequences stand up to logical scrutiny.
Themes critically analyzed in this book include:
The Flawed Foundations of General
Equilibrium shows that there are fatal flaws
in the standard theoretical model of a market economy.
It will be an enlightening read for economists of
all persuasions - and for those in law, social sciences,
and public policy arenas where economic theory has
become inescapable.
Frank Ackerman, is
Director of the Research and Policy Program in the
Global Development and Environment Institute at
Tufts University, USA.
Alejandro Nadal,
is Full Professor in the Center for Economic Studies
at EI Colegio de Mexico, where he coordinates the
research program on Science, Technology, and Development.
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