[PEN-L:9716] Re: Gen. Equilibrium

[Gil Skillman <gskillman@xxxxxxxxxxxxxxxxx>]

Doug, I can't tell from your post what you're taking issue with:  that gen
eq was revived in the 1930s?  That it was considered "everybody's
economics"?  What? Gil

>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
>