{"id":3190,"date":"2004-06-15T09:54:37","date_gmt":"2004-06-15T14:54:37","guid":{"rendered":"https:\/\/www.bu.edu\/eci\/?p=3190"},"modified":"2020-05-08T11:42:43","modified_gmt":"2020-05-08T15:42:43","slug":"the-flawed-foundations-of-general-equilibrium","status":"publish","type":"post","link":"https:\/\/www.bu.edu\/eci\/2004\/06\/15\/the-flawed-foundations-of-general-equilibrium\/","title":{"rendered":"The Flawed Foundations of General Equilibrium: Critical Essays on Economic Theory"},"content":{"rendered":"<p style=\"font-weight: 400; text-align: center;\">By Frank Ackerman and Alejandro Nadal<br \/>\nRoutledge, June 2004;<br \/>\nHardcover, 199 Pages;<span>\u00a0<\/span>$100<\/p>\n<p style=\"text-align: center;\">For order information,<a href=\"http:\/\/www.routledge.com\/\"><span>\u00a0<\/span><strong>click here<\/strong><\/a><\/p>\n<p>fundamental flaws in the standard theories of general equilibrium does economic theory rest on solid logical foundations? The influence and prestige afforded to orthodox economics &#8211; both as a theory and a source of policy advice &#8211; suggests the answer is a resounding &#8220;yes.&#8221;<br \/>\nEconomists Frank Ackerman and Alejandro Nadal, authors of this book, present a funda\u00acmental challenge to this received wisdom. They demonstrate that neither the abstractions of general equilibrium nor their real-world consequences stand up to logical scrutiny. Themes critically analyzed in this book include:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>conventional economic assumptions about consumer behavior<\/li>\n<li>individual choices and the role of money<\/li>\n<li>the application of economic theory to current debates in globalization, trade, and development<\/li>\n<\/ul>\n<p><em>The Flawed Foundations of General Equilibrium<\/em><span>\u00a0<\/span>shows that there are fatal flaws in the standard theoretical model of a market economy. It will be an enlightening read for economists of all persuasions &#8211; and for those in law, social sciences, and public policy arenas where economic theory has become inescapable.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Frank Ackerman and Alejandro Nadal Routledge, June 2004; Hardcover, 199 Pages;\u00a0$100 For order information,\u00a0click here fundamental flaws in the standard theories of general equilibrium does economic theory rest on solid logical foundations? The influence and prestige afforded to orthodox economics &#8211; both as a theory and a source of policy advice &#8211; suggests the [&hellip;]<\/p>\n","protected":false},"author":16351,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,134,168,5,167],"tags":[31,77,138,153,156],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/posts\/3190"}],"collection":[{"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/users\/16351"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/comments?post=3190"}],"version-history":[{"count":3,"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/posts\/3190\/revisions"}],"predecessor-version":[{"id":4020,"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/posts\/3190\/revisions\/4020"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/media?parent=3190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/categories?post=3190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bu.edu\/eci\/wp-json\/wp\/v2\/tags?post=3190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}