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Stabilizing consumer choice: the role of 'true dynamic stability' and related concepts in the history of consumer choice theory.

It is often argued that the inability of Arrow-Debreu general equilibrium theory to produce an adequate proof of the stability of the Walrasian price adjustment mechanism was one of the program's most significant failures. This paper will not question this standard interpretation of the history of g...

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Published in:European Journal of the History of Economic Thought Vol. 17; no. 2; pp. 313 - 344
Main Author: Hands, D.Wade
Format: Article
Published: Taylor & Francis Ltd May2010
Subjects:
Consumer preferences
Samuelson, Paul A. (Paul Anthony), 1915-2009
History of economics > 20th century
Economic equilibrium
Economic stabilization
Prices
Microeconomics
Rational choice theory
Online Access:View this record in EBSCOhost