Imperfect General Equilibrium

Economic theory of the last fifty years has been dominated by the paradigm of General Equilibrium Theory, based on the scientific work of Walras-Pareto-Cassel-Wald-Hicks-Arrow-De­ breu-McKenzie. Some of its grounding assumptions are: all prices are fully flexible; an auctioneer appropriately manipulates all prices according to the law of supply and demand; every con­ sumer has only one budget cons...