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A Disclosure on A Model of the Entrepreneur-Centered Economy

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  • S.Y. Wu

    (Univ of Iowa)

Abstract

Despite its elegance and beauty, the neoclassical model [see Debreu, 1959] has long been a subject of dissension. Critics of the Model are concerned (for example), with (1) its reticence on the raison d’etre of the firm and the boundary between the firm and market, (2) whether this equilibrium model is capable of dealing with the ever changing market and (3) its ability to discern whether econmic development is driven by technological change or by market extension. The standard neoclassical model’s inability to deal with these issues can be seen readily by reminding the reader how the market economy is perceived by the neoclassical economist.

Suggested Citation

  • S.Y. Wu, 1996. "A Disclosure on A Model of the Entrepreneur-Centered Economy," Microeconomics 9608002, University Library of Munich, Germany, revised 08 Jul 1997.
    • Handle: RePEc:wpa:wuwpmi:9608002
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    References listed on IDEAS

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    2. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
    3. Greiner, Alfred & Hanusch, Horst, 1994. "Schumpeter's Circular Flow, Learning by Doing and Cyclical Growth," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 261-271, September.
    4. Hart, Oliver D., 1975. "On the optimality of equilibrium when the market structure is incomplete," Journal of Economic Theory, Elsevier, vol. 11(3), pages 418-443, December.
    5. Grandmont, Jean-Michel, 1993. "Temporary general equilibrium theory," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 19, pages 879-922, Elsevier.
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    More about this item

    Keywords

    Wu;

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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