[PEN-L:9698] Gen. Equilibrium

[Doug Henwood <dhenwood@xxxxxxxxx>]

Mark Blaug writes in Economic Theory in Retrospect (5th ed., p. 290):

"Utility theory was gradually deprived of all its bite and reduced
from cardinal to ordinal utility and from ordinal utility to
'revealed preference'; cost theories of value were shown, not to be
wrong, but only valid in special cases; and general equilbrium
virtually disappeared by 1900, only to be revived in the 1930s by
Hicks and Samuelson as 'everybody's economics....'"

This isn't the story you get from Keynes or modern post-Keynesians;
what's up here?

Doug