Walrasian economic theory — little better than nonsense

Summary:
Walrasian economic theory — little better than nonsense You enquire whether or not Walras was supposing that exchanges actually take place at the prices originally proposed when the prices are not equilibrium prices. The footnote which you quote convinces me that he assuredly supposed that they did not take place except at the equilibrium prices … All the same, I shall hope to convince you some day that Walras’ theory and all the others along those lines are little better than nonsense! Letter from J. M. Keynes to N. Georgescu-Roegen, December 9, 1934

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Lars Pålsson Syll considers the following as important: Economics

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