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The conflict between general equilibrium and the Marshallian cross

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  • Zaman, Asad
  • Saglam, Ismail

Abstract

This paper illustrates on a simple model of production economy how the concept of partial equilibrium can be in an unresolvable conflict with the general equilibrium.

Suggested Citation

  • Zaman, Asad & Saglam, Ismail, 2010. "The conflict between general equilibrium and the Marshallian cross," MPRA Paper 33256, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:33256
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    References listed on IDEAS

    as
    1. Steedman, Ian, 1988. "Sraffian Interdependence and Partial Equilibrium Analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(1), pages 85-95, March.
    2. Lee, Frederic S, 1981. "The Oxford Challenge to Marshallian Supply and Demand: The History of the Oxford Economists' Research Group," Oxford Economic Papers, Oxford University Press, vol. 33(3), pages 339-351, November.
    3. Bradford, David F., 1978. "Factor prices may be constant but factor returns are not," Economics Letters, Elsevier, vol. 1(3), pages 199-203.
    4. Frederic Lee & Steve Keen, 2004. "The Incoherent Emperor: A Heterodox Critique of Neoclassical Microeconomic Theory," Review of Social Economy, Taylor & Francis Journals, vol. 62(2), pages 169-199.
    5. Ozanne, Adam, 1996. "Do Supply Curves Slope Up? The Empirical Relevance of the Sraffian Critique of Neoclassical Production Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(6), pages 749-762, November.
    6. Kane, John, 1997. "Myth and measurement: The new economics of the minimum wage : David Card and Alan B. Krueger, New Jersey: Princeton University Press, 1995, x + 422," International Review of Economics & Finance, Elsevier, vol. 6(2), pages 219-222.
    7. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
    8. A. Cohen & G. Harcourt., 2009. "Whatever Happened to the Cambridge Capital Theory Controversies?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    9. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    10. Xavier Vives, 1987. "Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 54(1), pages 87-103.
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    Cited by:

    1. Lima, Gerson P., 2015. "Supply and Demand Is Not a Neoclassical Concern," MPRA Paper 63135, University Library of Munich, Germany.
    2. Mehmet Karacuka & Asad Zaman, 2012. "The empirical evidence against neoclassical utility theory: a review of the literature," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(4), pages 366-414.

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    More about this item

    Keywords

    Demand curve; Partial equilibrium; General equilibrium;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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