Substitutability and the quest for stability

Lenfant, Jean-Sébastien

doi:10.1080/09672567.2021.1987494

Cited by 1 publication

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References 78 publications

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“…Once we have shown that under some plausible conditions a general equilibrium of an abstract economy exists, it has to be in some sense robust or stable: a system should return to equilibrium once it was disturbed (on the history of stability, see Weintraub 1991;Hands 1994;Boldyrev and Ushakov 2016;and Lenfant 2022). Related to the stability question are the issues of falsifiability of the GET.…”

Section: A Conceptual Development Of the Walrasian Get: From Abstract...mentioning

confidence: 99%

“Rise and Fall” of the Walrasian Program in Economics: A Social and Intellectual Dynamics of the General Equilibrium Theory

Kirtchik,

Boldyrev

2023

J Hist Econ Thought

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This paper aims at understanding social practices and institutions that ensured the transnational diffusion, recognition, and renewal of the research program in the General Equilibrium Theory (GET), in spite of multiple critics and apparent theoretical dead ends. First, we trace the main conceptual developments of the Walrasian GET program since the 1950s and thus elaborate on its intellectual identity. Then, based on a systematic study of the educational and professional trajectories typical for several generations of GET scholars, we analyze a social form taken by this transnational and multidisciplinary “scientific community”: an institutional dynamics of the Walrasian GET program, most common career patterns, and the forms of international and intergenerational transmission. We construct a database of GET theorists and apply to this dataset a technique of Multiple Correspondence Analysis (MCA) in order to investigate the relational patterns between attribution of scientific credit (symbolic capital) and biographical properties in a transnational space of the GET scholars.

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Section: A Conceptual Development Of the Walrasian Get: From Abstract...mentioning

confidence: 99%