TITLE:
“Finding Equilibrium”—Losing Economics Comment on the Book Finding Equilibrium by Düppe, T. and Weintraub, E. R.
AUTHORS:
Ezra Davar
KEYWORDS:
Review Paper
JOURNAL NAME:
Modern Economy,
Vol.6 No.2,
February
5,
2015
ABSTRACT: The main achievement of modern General
Equilibrium Theory (GET) is the proof of equilibrium’s existence. “The proof of
general equilibrium is the crowning achievement of mathematical economics” [1] [2]. One of the authors of “Finding Equilibrium”,
Weintraub Roy, published three books [3]-[5] and many papers over 30 years, to demonstrate and
convince economists that economics were becoming a mathematical science and
“These proofs became highly influential” ([5], p. xii). It might be that the proof of the
equilibrium existence is a mathematical achievement, but the question is
whether these proofs are harmonious with the economic situation in reality.