December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Markets and firms
KEY THINKER
Léon Walras (1834–1910)
BEFORE
1881 Francis Edgeworth publishes a mathematical assessment of economics in Mathematical Psychics.
AFTER
1906 Vilfredo Pareto develops a new theory of equilibrium that takes account of the compatibility of individual incentives and constraints.
1930s John Hicks, Oskar Lange, Maurice Allais, Paul A. Samuelson, and others continue to develop the theory of general equilibrium.
1954 Kenneth Arrow and Gérard Debreu provide a mathematical proof of general equilibrium.
There has long been something appealing for economists about the idea that the economy may behave with the same mathematical ...
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