Another consequence of some of the math in this paper can be seen in another paper published a few months ago: http://www.paecon.net/PAEReview/issue77/George77.pdf (The mathematical equivalence of Marshallian analysis and 'General Equilibrium' Theory)
This shows that contrary to the claims made over more than half a century, the classic Marshallian demand and supply analysis is not "partial equilibrium" analysis. It possesses the same order of generality as what is claimed to be "General Equilibrium" theory.
Thank you for your kind comments.
ReplyDeleteAnother consequence of some of the math in this paper can be seen in another paper published a few months ago: http://www.paecon.net/PAEReview/issue77/George77.pdf (The mathematical equivalence of Marshallian analysis and 'General Equilibrium' Theory)
This shows that contrary to the claims made over more than half a century, the classic Marshallian demand and supply analysis is not "partial equilibrium" analysis. It possesses the same order of generality as what is claimed to be "General Equilibrium" theory.