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It is not surprising to me that British empiricists and French rationalists would come up with very different readings of Newton. However, I would like to suggest that if we take a broader perspective in terms of what we classify as general equilibrium modeling, there is more under the sun than Walrasian general equilibrium models.

General Equilibrium Analysis

Indeed, there is plenty of general equilibrium reasoning in Smith, which is expressible in simultaneous equations models. The famous beaver and deer case of the early and rude state, which introduces a labor embodied value theory, is surely a general equilibrium model. Nor would I preclude the possibility that Smith may have inspired Walrasian modeling in some way, and that modern theories of the automaticity of the market mechanism owe at least some intellectual debt to Smith.

Misunderstanding can lead to insight also. This book will be of interest primarily to Smith specialists, both economists and non-economists.


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I believe that essays are perhaps a bit too narrowly focused, and cover a wide range of interesting, but off-beat, topics, that the general historian of economics may not find much of interest here. I must confess, though, that I did not find the essays to be uniformly interesting to me.


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It is good to know, however, that Smith is alive and well among a new generation of accomplished scholars. Nava Ashraf, Colin F. Camerer and George Lowenstein, Jeffrey T. Young is the A. Barton Hepburn Professor of Economics at St. Lawrence University in Canton, New York.

Please read our Copyright Information page for important copyright information. Pollard , Nucleonics , February, Dresher, A. Tucker and P. Wolfe, in the series Annals of Mathematical Studies , eds. Artin and M. Princeton University Press, , pp. Arrow and S.

Karlin ; "Summaries," with K.

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General Equilibrium Analysis: A Century after Walras

Stanford University Press, Proceedings of the First Stanford Symposium. Sheshinski and Y. Clark , Management Science , Vol. This paper has been designated as one of the ten most influential papers published in the first fifty years of the journal. Karlin, and H. In Recent Advances in Game Theory.

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Philadelphia: The Ivy Curtis Press, Scarf, D. Gilford and M. Debreu , International Economic Review, Vol.

Kingston Masters Political Economy Lecture 03: Instability of General Equilibrium

Reprinted in Classics in Game Theory , ed. Princeton University Press, Reprinted in Economic Games, Bargaining and Solutions , ed.

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Hamouda and J. Mayberry, et al. Underground Classics in Economics Series.

Boulder, CO: Westview Press, The Computation of Economic Equilibria with collaboration of T. Hansen , Cowles Foundation Monograph No. New Haven: Yale University Press, Shapley , Journal of Mathematical Economics , Vol. Also in Studies in Mathematics , eds. Dantzig and B.