"Finding Equilibrium "explores the post-World War II
transformation of economics by constructing a history of the proof
of its central dogma--that a competitive market economy may possess
a set of equilibrium prices. The model economy for which the
theorem could be proved was mapped out in 1954 by Kenneth Arrow and
Gerard Debreu collaboratively, and by Lionel McKenzie separately,
and would become widely known as the "Arrow-Debreu Model." While
Arrow and Debreu would later go on to win separate Nobel prizes in
economics, McKenzie would never receive it. Till Duppe and E. Roy
Weintraub explore the lives and work of these economists and the
issues of scientific credit against the extraordinary backdrop of
overlapping research communities and an economics discipline that
was shifting dramatically to mathematical modes of expression.
Based on recently opened archives, "Finding Equilibrium" shows
the complex interplay between each man's personal life and work,
and examines compelling ideas about scientific credit, publication,
regard for different research institutions, and the awarding of
Nobel prizes. Instead of asking whether recognition was rightly or
wrongly given, and who were the heroes or villains, the book
considers attitudes toward intellectual credit and strategies to
gain it vis-a-vis the communities that grant it.
Telling the story behind the proof of the central theorem in
economics, "Finding Equilibrium" sheds light on the changing nature
of the scientific community and the critical connections between
the personal and public rewards of scientific work."
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