Imperfect General Equilibrium: The Economy as an Evolutionary Process: Individualistic, Discrete, Deterministic

Economic theory of the last fifty years has been dominated by the paradigm of General Equilibrium Theory, based on the scientific work of Walras—Pareto—Cassel—Wald—Hicks—Arrow—De­ breu—McKenzie. Some of its grounding assumptions are: all prices are fully flexible; an auctioneer appropriately manipulates all prices according to the law of supply and demand; every con­ sumer has only one budget constraint; all agents are perfectly informed; no actions are taken by agents before a vector of pr...