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General Equilibrium Theory in the Twenty-First Century

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  • Morishima, Michio

Abstract

General equilibrium theory clarifies how the social economy works. Given the complexity of the society, each general equilibrium theory model has so far dealt with only a few facets of the society. Moreover, neither trade unionists, federations of business organizations, bureaucracy, etc., nor even entrepreneurs and bankers find their appropriate places in the models. These still assume that the seventeenth-eighteenth century English rationalism prevails, whereas the spirit of competitive economy is now seen to be in conformity with heretical ethos too. We need a multiple-facet model constructed multidisciplinarily in collaboration with sociology, history, and others. Copyright 1991 by Royal Economic Society.

Suggested Citation

  • Morishima, Michio, 1991. "General Equilibrium Theory in the Twenty-First Century," Economic Journal, Royal Economic Society, vol. 101(404), pages 69-74, January.
    • Handle: RePEc:ecj:econjl:v:101:y:1991:i:404:p:69-74
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    Cited by:

    1. Nijkamp, Peter, 2007. "Ceteris paribus, spatial complexity and spatial equilibrium: An interpretative perspective," Regional Science and Urban Economics, Elsevier, vol. 37(4), pages 509-516, July.
    2. Muchlinski, Elke, 2010. "Metaphern, Begriffe und Bedeutungen: Das Beispiel internationale monetäre Institutionen," Discussion Papers 2010/14, Free University Berlin, School of Business & Economics.
    3. Elke Muchlinski, 2005. "The Lucas Critique and Keynes Response.Considering the History of Macroeconomics," Macroeconomics 0503019, University Library of Munich, Germany.
    4. Леиашвили, Паата, 2015. "Функциональная Замкнутость Рыночной Экономики. Рановесие. Циклы. Воспроизводство [Functional Closure of Market Economy. Equilibrium. Cycles. Reproduction]," MPRA Paper 83515, University Library of Munich, Germany.
    5. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
    6. Alan Kirman, 2016. "Complexity and Economic Policy: A Paradigm Shift or a Change in Perspective? A Review Essay on David Colander and Roland Kupers's Complexity and the Art of Public Policy," Journal of Economic Literature, American Economic Association, vol. 54(2), pages 534-572, June.
    7. Robert H. Nelson, 2004. "Scholasticism versus Pietism: The Battle for the Soul of Economics," Econ Journal Watch, Econ Journal Watch, vol. 1(3), pages 473-497, December.
    8. D. P. O'Brien, 1992. "Economists and Data," British Journal of Industrial Relations, London School of Economics, vol. 30(2), pages 253-285, June.
    9. Turan Yay & Huseyin Tastan, 2010. "Invisible Hand in the Process of Making Economics or on the Method and Scope of Economics," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(1), pages 61-83, March.

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