The results of the capital theory controversies and general equilibrium theory

Some reflections on concepts and history

G.C. Harcourt

1.   I was happy to have been asked to write a chapter under the rubric of the results of the capital theory controversies and general equilibrium theory. I once got into hot water with Christopher Bliss when, in a draft of a paper that eventually appeared in two versions (Harcourt 1975, 1976) (one with a title that, in retrospect, I regret having chosen), I tried to reconcile the clash between Christopher Bliss (1970) and Pierangelo Garegnani over Garegnani (1970). Bliss had written a comment on it, in which he expressed surprise at some of Garegnani’s results because, within an Arrow—Debreu framework, the results ...

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