by Becoming an Economist is the introductory course on economics for undergraduates at Kingston University. This is the second of 11 lectures in the subject; I’ll post the others as I write them over the next few months. This lecture discusses why the Mainstream approach, starting from the fundamental question Walras posed "Can a system of free markets reach a set of prices that ensures that supply equals demand in all markets?" The answer was "No", but that didn't stop the "Equilibrium Fetish Juggernaut” that Walras unleashed. [embedded content] This is the Powerpoint file for the lecture.
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Becoming an Economist is the introductory course on economics for undergraduates at Kingston University. This is the second of 11 lectures in the subject; I’ll post the others as I write them over the next few months. This lecture discusses why the Mainstream approach, starting from the fundamental question Walras posed "Can a system of free markets reach a set of prices that ensures that supply equals demand in all markets?"
The answer was "No", but that didn't stop the "Equilibrium Fetish Juggernaut” that Walras unleashed.
This is the Powerpoint file for the lecture.