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. Kornai , J. ( 1971 b): Economic Systems Theory and General Equilibrium Theory . Acta Oeconomica , 6 ( 4 ): 297 – 317 . Kornai , J. ( 1971 c): Pressure and

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neoclassical general equilibrium theory was taking place, a parallel understanding of rational choice theory emerged among students of Max Weber, most notably through the work of Frank Knight and Ludwig von Mises. This methodological approach was united by the

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Anti-Equilibrium (1971) was well ahead of its time in emphasising that (i) economics should draw from biology, rather than physics, as its methodological underpinning; (ii) evolutionary logic requires a different type of decision-making in simple, routine matters, as opposed to large and important decisions; (iii) the most important production processes are non-linear, with increasing returns to scale being the rule, rather than the exception in modern capitalist economies and — in conclusion — that there is no such thing as general equilibrium. In modern societies, goods and services are either in shortage (Socialism) or in a state of oversupply (Capitalism). It is either a buyers’ market or sellers’ market.

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. Móczár , J. ( 2015 ): Kornai’s DRSE Theory versus General Equilibrium Theory . Public Finance Quarterly, State Audit Office of Hungary , 60 ( 2 ): 194 – 211 . Móczár

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): General Equilibrium Theory: Sound and Fury, Signifying Nothing? Institute for New Economic Thinking . Manuscript . https://www.ineteconomics.org/ideas-papers/blog/general-equilibrium-theory

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, these jobs left him with sufficient time to study economics, do research and fully immerse himself into the neoclassical general equilibrium theory, namely its Walras-Lange auctioneer model. Regarding the controversy between Hayek (1935) and Lange

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) 1969 4 4 423–428 3 Economic Systems Theory and General Equilibrium Theory

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The revival of comparative economic systems research

Reflections inspired by the recent publication of the collected works of Domenico Mario Nuti

Acta Oeconomica
Author:
László Csaba

economist in the tradition of Nicholas Kaldor (1908–1986) 5 and Michał Kalecki (1899–1970), who had always been critical of the market system in general and various equilibrium theories leading to market fundamentalism in modelling and policy

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today. 7 But the mainstream of our science still considers the criticized model creation framework, the general equilibrium theory marked by the works of Walras (1874) , Arrow – Debreu (1954) , and Debreu (1959) as its professional mother tongue

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Modern Equilibrium Theory of Unemployment, Interest, and Assets . Cambridge, MA : Harvard University Press . Piscitelli , L. − Cross , R. − Grinfeld , M. − Lamba , H. ( 2000 ): A Test for Strong Hysteresis . Computational Economics , 15

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