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Economic Exchange and Social Organization - The Edgeworthian foundations of general equilibrium theory (Paperback, Softcover reprint of the original 1st ed. 1996)
Loot Price: R2,661
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Economic Exchange and Social Organization - The Edgeworthian foundations of general equilibrium theory (Paperback, Softcover reprint of the original 1st ed. 1996)
Series: Theory and Decision Library C, 12
Expected to ship within 10 - 17 working days
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This book aims to develop an institutional approach to general
economic equi librium. Thus far, institutional economics has
essentially been confined to purely verbal discourse. Here I argue
the case that general equilibrium theory forms a well rounded basis
for the development of an institutional economic the ory. The
fundamental economic trade mechanism underlying this refocusing is
that of the Edgeworthian barter mechanism modelled through the
equilibrium notion of the core of an economy. There is an extensive
literature that links the core with the Walrasian price mechanism,
which is explored in this book. Next I develop an alternative model
of explicitly nonsovereign trade in the setting of an
institutionally structured economy. In this book the core and
several of its extensions are considered to be descriptions of the
equilibrium allocations resulting from institutionalized barter
processes, thereby providing a basis of an institutionally based
economic theory. Traditionally finite economies have been assessed
as the most natural represen tations of real life economies, in
particular of market economies. Many funda mental insights have
been developed. In the first half of the book I summarize the most
influential and important results in the literature on finite
economies regarding the relationship of the Walrasian model of a
perfectly competitive market system and the Edgeworthian theory of
individually based, pure barter processes. I use the axiomatic
method as the main methodological framework according to which I
construct my models."
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