Economic Organization, Capabilities and Coordination

5

MARSHALL, ANDREWS AND RICHARDSON ON MARKETS

An interpretation

Richard Arena and Claire Charbit

INTRODUCTION

The present period is characterised by a substantial change in the contents of microeconomics. At the end of the 1970s the General Economic Equilibrium (GEE) approach was predominant, even if its research programme had not been entirely implemented. The various existing versions of the tâtonnement theory indeed proved unable to capture the main features of the working of actual competitive economics (Fisher 1972). The introduction of imperfect competition in the GEE framework forbade obtaining the results already reached within a competitive economy (Roberts and Sonnenschein 1977; Guesnerie and Laffont 1978). Finally, the extension of ...