Economic Theories in Competition - A New Narrative of the Debate on the General Economic Equilibrium Theory in the 1930s

Authors

  • Roberto Marchionatti University of Torino, Department of Economics and Statistics, Italy
  • Fiorenzo Mornati University of Torino, Department of Economics and Statistics, Italy

DOI:

https://doi.org/10.2298/PAN141125022M

Keywords:

Hicks, Wald, Von Neumann, General economic equilibrium, Mathematics and economics

Abstract

The paper deals with the debate on the General Economic Equilibrium (GEE) in the 1930s in Vienna and at the London School of Economics and offers an interpretation of it different from that of the traditional narratives. It
interprets the debate as a renewed confrontation between the two different classical methodological paths of research in GEE, the Paretian and the Walrasian ones. What emerges from this examination is a picture of different approaches and theories in competition, in particular on the issue of the relationship between theory and the real world. This was the fundamental issue at stake. Herein lies also the interest in those distant controversies for the current debate in economics.

Key words: Hicks, Wald, Von Neumann, General economic equilibrium, Mathematics and economics.
JEL: B23, B41, C02, D50.

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Published

2016-10-10

How to Cite

Marchionatti, R., & Mornati, F. (2016). Economic Theories in Competition - A New Narrative of the Debate on the General Economic Equilibrium Theory in the 1930s. Panoeconomicus, 63(5), 503–523. https://doi.org/10.2298/PAN141125022M

Issue

Section

Original scientific paper