The Potentials and Limits of the Market in Resource Allocation

Abstract

The prestige status of the purest of pure economic theory has never been higher; and yet there is now, as there has always been, a pervasive scepticism about the descriptive power and normative utility of Walrasian or other varieties of the theory of general competitive equilibrium. 1 The mutual adjustment of prices and quantities represented by the neoclassical model is an important aspect of economic reality worthy of the serious analysis that has been bestowed on it; and certain dramatic historical episodes suggest that an economic mechanism exists that is capable of adaptation to radical shifts in demand and supply conditions. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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