History and Actual Developments of General Equilibrium Theory

Lehrstuhl für Volkswirtschaftslehre, insb. Wirtschaftstheorie
Prof. Dr. Dres. h.c. Bertram Schefold
History and Actual Developments of General Equilibrium Theory
Doktoranden- und PhD-Seminar
Summer term 2008
Registration:
Ph.D.-students and those who wish to take part in this course as a
Doktorandenseminar should contact Christian Schmidt (see below for
telephone etc.).
Time:
Thursday 10 – 12 a.m. and
Thursday 2 – 4 p.m. (irregularly every other week).
Place:
H 6.
Requirements: Paper, oral presentation.
Subject of paper: Mutual confirmation of a subject listed below. Doktorandenstudium or
PhD-program.
Office hours:
Prof. Dr. Dres. h.c. Bertram Schefold, Tuesday 2.30 – 4 p.m.;
Schumannstr. 60, Room 205, tel. 069/798-23324,
[email protected]
Dipl. Volksw. Christian Schmidt, Tuesday 2.30 – 4 p.m.,
Schumannstr. 60, Room 204, tel. 069/798-23324, tel. 069/798-23184,
[email protected]
Address:
Lehrstuhl für Volkswirtschaftslehre, insb. Wirtschaftstheorie, Prof. Dr.
Dres. h.c. Bertram Schefold, J. W. G.-Universität, FB 02 (Fach 62),
Postfach 11 19 32, 60054 Frankfurt am Main,
Homepage: http://www.wiwi.uni-frankfurt.de/professoren/schefold/
Seminar: History and Actual Developements of General Equilibrium Theory, ST08
1
Introductory literature
Ingrao/Israel (1990): The Invisible Hand. Economic Equilibrium in the History of Science,
MIT Press, Cambridge (Mass.).
Arrow/Hahn (1971): General Competitive Analysis, Holden-Day: San Francisco (Cal.).
Petri, F. (2004): General Equilibrium, Capital and Macroeconomics, Edward Elgar:
Cheltenham (UK).
Caspari, V. (2000): Gleichgewicht und Kapitalzins, Duncker & Humblot, Berlin.
Baloglou, C. (1995): Die Vertreter der mathematischen Nationalökonomie in Deutschland
zwischen 1838 und 1871, Metropolis, Marburg.
Neumann, M. (1990): Zeitpräferenzrate, in: Neumann (1990), Zukunftsperspektiven im
Wandel. Mohr: Tübingen, S. 34-55.
Petri, F. and Hahn, F. (Hg.)(2003): General Equilibrium. Problems and Prospects, London:
Routledge.
Schefold, B. (1997): Normal Prices, Technical Change and Accumulation, London: Macmillan.
1 Predecessors of general equilibrium theory:
1.1
The long period in classical economics
- Smith (1776): Wealth of Nations.
- Ricardo (1817): Principles of Political Economy and Taxation.
- Robbins 1930): On a certain ambiguity in the conception of stationary
equilibrium, in: Economic Journal, 40, S. 194-214.
- Kurz: (1998): Freier Wettbewerb und langfristige Positionen des ökonomischen
Systems, in: Ökonomisches Denken in klassischer Tradition, Metropolis.
- Garegnani (1983): The Classical Theory of Wages and the Role of Demand
Schedules in the Determination of Relative Prices, in: American Economic
Review, 73, S. 309-313.
1.2
Achille Nic. Isnard: A classical economist as a founder of general equilibrium
ideas
- Isnard (1781): Traité des richesses.
- Baumol/Goldfeld (Hg.) (1968): Precursers in mathematical economics: an
anthology, London, London School of Economics and Political Science.
- Ingrao/Israel (1990): The Invisible Hand. Economic Equilibrium in the History of
Science, MIT Press, Cambridge (Mass.), Kap. 3.
1.3
Nicolas François Canard: An early mathematical economist
- Canard (1801): Grundsätze der Staatswirtschaft.
- Ingrao/Israel (1990): The Invisible Hand. Economic Equilibrium in the History of
Science, MIT Press, Cambridge (Mass.), Kap. 3.
- Kruse, A. (1962): Canard, Nicolas François: Grundsätze der Staatswirtschaft, in:
Zeitschrift für die gesamte Staatswissenschaft, 118, 3, S. 554-557
http://docsrv2.digizeitschriften.de/digizeit/digbib/dossearch?sa1=Everything&sv1=canard&x=0&y=0
Seminar: History and Actual Developements of General Equilibrium Theory, ST08
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1.4
Late physiocratic developments and beginning formalisations
- Uebe, G. (1992): The first flow of funds table: Lang's tableau of 1815, In: History of
political economy, Durham, NC, 24., Nr. 2, S. 435 – 453.
- Uebe G. (1988): Joseph Lang aus Freiburg. Eine Kreislauftheorie von 1807
zwischen Quesnay und Marx, in: Jahrbücher für Nationalökonomie und
Statistik, 204, S. 35-47.
- Uebe (Hg.)(1990): Zwei Festreden Joseph Langs – das erste ökonomische Matrix
Tableau der volkswirtschaftlichen Gesamtrechnung aus dem Jahr 1815.
- Theocharis, R.D. (1958): Joseph Lang and Macroeconomics, in: Economica, 25,
S. 319-315.
- Iselin, I. (1755): Filosofische und Patriotische Träume eines Menschenfreundes,
Frankfurt am Main.
- Blaich, F. (1983): Der Beitrag der deutschen Physiokraten für die Entwicklung der
Wirtschaftswissenschaft von der Kameralistik zur Nationalökonomie, in:
Studien zur Entwicklung der ökonomischen Theorie, 115/III, S. 9-36.
1.5
The short-run in Marshall’s theory of partial equilibria as the framework of
temporary general equilibria
- Marshall, A. (1920): Principles of Economics, Ausg. 8, insb. Buch V & Appendix I.
- Caspari, V.(1989): Walras, Marshall, Keynes, Duncker & Humblot, Berlin
1.6
Austrian theory of capital as predecessor of intertemporal theory
- Böhm-Bawerk(1961): Kapital und Kapitalzins, Bd. II, Stuttgart.
- Wicksell (1901): Vorlesungen zur Theorie der Produktion.
- Milgate (1979): On the Origin of the Notion of „Intertemporal Equilibrium“,
in: Economica, 46, S. 1-10.
- Schefold (2004): Böhm-Bawerks „Positive Theorie des Kapitals“, in:
Schefold: Beiträge zur ökonomischen Dogmengeschichte, S. 305-322.
- Garegnani, P. (1976): On a change in the notion of equilibrium in recent work on value
and distribution, in: M. Brown, K. Sato and P. Zarembka (Hg.), Essays on
Modern Capital Theory. Amsterdam: North Holland, S. 25-45.
2 Existence, uniqueness and stability of general equilibria:
2.1
Welfare economics and general equilibrium
- Pareto (1906): Manual of Political Economy, ch. 6.
- Debreu (1951): The coefficient of resource utilization, in: Econometrica, vol.
19, S. 273-292.
- Weintraub (1983): On the Existence of a Competitive Equilibrium: 1930-54,
in: Journal of Economic Literature, 21, März, S. 1-39.
- Arrow (1951): An Extension of the Basic Theorems on Classical Welfare
Economics, in: J.Neyman (ed.), Proceedings of the Second Berkeley
Symposium on Mathematical Statistics and Probability, Berkeley, Calif.
- Arrow (1951): Social Choice and Individual Values, Wiley, New York.
Seminar: History and Actual Developements of General Equilibrium Theory, ST08
2.2
The existence of a general equilibrium without individual utility-maximisation
- Cassel (1899): Grundrisse einer elementaren Preislehre, in: Zeitschrift für die
gesamte Staatswissenschaft.
- Cassel (1918): Theoretische Sozialökonomie.
- Stackelberg (1933): Zwei kritische Bemerkungen zur Preistheorie Gustav
Cassels, in: Zeitschrift für Nationalökonomie, vol. 4.
- Wald (1936): Über einige Gleichungssysteme der Mathematischen
Ökonomie, in: Zeitschrift für Nationalökonomie, vol. 7, 5, S.637-670.
- E. Dierker und K. Sigmund (Hg.): Karl Menger, Ergebnisse eines Mathematischen
Kolloquiums, Springer Verlag Wien, 51-61, 1998.
2.3
Zero-sum games in general equilibrium theory
- von Neumann (1928): Zur Theorie der Gesellschaftsspiele, in: Mathematische
Annalen, 100, S. 295-320.
- von Neumann / Morgenstern (1944): Theory of Games and Economic
Behavior, Princeton University Press, 2nd Ed. 1947.
- Nash (1950): Equilibrium Points in N-Person Games, Proceedings of the
National Academy of Sciences, vol. 36, S. 48-49.
2.4
Proofs of existence: From game-theory back to Walras
- Debreu (1952): A Social Equilibrium Existence Theorem, in: Proceedings of
the National Academy of Science, vol. 38, S. 886-893.
- Arrow/Debreu (1954): Existence of an Equilibrium for a Competitive
Economy, in: Econometrica, vol. 27, S. 82-109.
- Debreu (1959): Theory of value, Cowles Foundation Monograph, no. 17,
Yale University Press, New Haven.
2.5
Regular economies: local and general uniqueness of general equilibria
- Debreu (1970): Economies with a finite set of equilibria, in: Econmetrica, 38,
S. 387-392.
- Debreu (1976): Regular Differentiable Economies, in: American Economic Review,
66, S. 280-287.
- Dierker, E. und Dierker, H. (1972): The local uniqueness of equilibria, in:
Econometrica, 40, S. 867-881.
- Dierker (1982): Regular economies, in: Handbook of Mathematical Economics,
K.Arrow und M.Intriligator (hg), Kap. 17, S. 795-830.
3 Intertemporal models:
3.1 Intertemporal general equilibria under perfect foresight
- Hayek (1928): Das intertemporale Gleichgewichtssystem der Preise und die
Bewegungen des „Geldwertes“, in: Weltwirtschaftliches Archiv, 28, S. 33-76.
(Engl. in: Kirzner (Hg.): Classics in Austrian Economics, vol. III, The Age of
Mises and Hayek, London: William Pickering, 1984, S. 161-200.)
- Lindahl (1939): Studies in the Theory of Money and Capital, London, George Allen
& Unwin. (Neudruck 1970, Augustus Kelley, New York.)
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Seminar: History and Actual Developements of General Equilibrium Theory, ST08
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3.2 Temporary equilibria and expectations
- Hicks (1939): Value and Capital.
- Grandmont (1977): Temporary General Equilibrium Theory, in Econometrica, 45, 3,
S. 535-572.
- Schefold (1985): Cambridge Price Theory: Special Model or General Theory of
Value?, in: American Economic Review, 75, S. 140-145.
3.3 Life cycles: Intertemporal optimisation in overlapping generations models
- Samuelson (1958): An exact consumption loan model of interest with or
without the contrivance of money, in: Journal of Political Economy, 66, S. 467482.
- Balasko-Shell (1980): The overlapping generations model, in: Journal of Economic
Theory, 23, 3, S. 281-306.
3.4 Convergence by means of recursive utility functions
- Bewley (1972): Existence of equilibria in economies with infinitely many
commodities, in: Journal of Economic Theory, 4, S. 514-540.
- Epstein, L.G. (1987): The Global Stability of Efficient Intertemporal Allocations, in:
Econometrica, 55, S. 329-55.
- Schefold, B. (2000): Paradoxes of capital and counterintuitive changes of
distribution in an intertemporal equilibrium model, in: Critical Essays on Piero
Sraffa's Legacy in Economics, H. Kurz (Hg.). Cambridge: University Press,
S. 363-391.
4 Recent discussions:
4.1 On the existence of a general equilibrium in reproduction systems
- Garegnani (1960): Il capitale nelle teorie della distribuzione, Mailand; (1962-teilw.
dt., in: Kurz: P. Garegnani. Kapital, Einkommensverteilung und effektive
Nachfrage. Metropolis)
- Garegnani, P. (2000): Savings, investment and capital in a system of general
intertemporal equilibrium, in: Critical Essays on Piero Sraffa's Legacy
Economics, H. Kurz (Hg.) (2000),Cambridge: University Press, S. 392-445.
- Garegnani, P. (2003): Savings, investment and capital in a system of general
intertemporal equilibrium, in: Petri and Hahn, 2003, S. 117-175.
(Frühere Version in Kurz (2000), pp. 392-445.)
- Mandler, M. (2002): Classical and Neoclassical Indeterminacy in One-shot versus
Ongoing Equilibria, Metroeconomica, 53, Nr. 3, S. 203-222.
- Schefold, B. (2003): Reswitching as a Cause of Instability of Intertemporal
Equilibrium, in: Metroeconomica, Mimeo, S. 33.
- Schefold, B. (2003): Savings, Investment and Capital in a System of General
Intertemporal Equilibrium – a Comment on Garegnani, in:
www.wiwi.uni-frankfurt.de/professoren/schefold/docs/Comment-Garegnani021003_langeversion.pdf