Skip navigation
Other publication

The Flawed Foundations of General Equilibrium: Critical Essays on Economic Theory

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.”

Frank Ackerman / Published on 7 October 2009
Citation

Ackerman, F.; Nadal, A. (2004). The Flawed Foundations of General Equilibrium: Critical Essays on Economic Theory. Routledge, June 2004; Hardcover, 199 Pages.

This book, presents a fundamental 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:

  • fundamental flaws in the standard theories of general equilibrium
  • conventional economic assumptions about consumer behavior
  • individual choices and the role of money
  • the application of economic theory to current debates in globalization, trade, and development

SEI author

Related centres
SEI US