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The Sonnenschein-Mantel-Debreu Theorem — Lars P. Syll

Summary:
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 Blog
The Sonnenschein-Mantel-Debreu Theorem
Lars P. Syll | Professor, Malmo University
https://larspsyll.wordpress.com/2021/11/25/the-sonnenschein-mantel-debreu-theorem/
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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