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Why conventional macro based on Walrasian general equilibrium— which is all of it since it assumes rationality and general equilibrium — reduces to nonsense, as Keynes noted long ago. It's way past time to move on.Lars P. Syll’s BlogThe Sonnenschein-Mantel-Debreu TheoremLars P. Syll | Professor, Malmo Universityhttps://larspsyll.wordpress.com/2021/11/25/the-sonnenschein-mantel-debreu-theorem/
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Why conventional macro based on Walrasian general equilibrium— which is all of it since it assumes rationality and general equilibrium — reduces to nonsense, as Keynes noted long ago. It's way past time to move on.Lars P. Syll’s BlogThe Sonnenschein-Mantel-Debreu TheoremLars P. Syll | Professor, Malmo Universityhttps://larspsyll.wordpress.com/2021/11/25/the-sonnenschein-mantel-debreu-theorem/
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Mike Norman considers the following as important:
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Why conventional macro based on Walrasian general equilibrium— which is all of it since it assumes rationality and general equilibrium — reduces to nonsense, as Keynes noted long ago. It's way past time to move on.
Lars P. Syll’s BlogThe Sonnenschein-Mantel-Debreu Theorem
Lars P. Syll | Professor, Malmo University
https://larspsyll.wordpress.com/2021/11/25/the-sonnenschein-mantel-debreu-theorem/