On the Notion of Equilibrium in Economics: An Inaugural Lecture

abstract actions of agents actual economy agent's theory agree already argue argument Arrow Arrow-Debreu equilibrium coincide Arrow-Debreu notion believe brium notion Certainly coalition competitive equilibrium concept Core course creasing deal Debreu equilibrium describe difficulties discussed Econometrica economic agents economists Einstein empirical environment equili equilibrium behaviour equilibrium concepts equilibrium notion equilibrium theory excess demand exist exogenous messages expectations F. H. Hahn false falsified fessor Kaldor firms formulation Godley held by agents households instance intellectual Joan Robinson Keynes Keynesian kind of equilibrium large number macro-economics maintain Marx Marxists matter micro-theory altogether Mimeo non-negative price vector noted notion here proposed notion of equilibrium objections observation paradigm particular perfect competition persist possible postulate precise sense probability distribution problem Professor Kaldor proposition Radner Radner22 rain in Cambridge random rational reason sequence simple stationary distribution theories held theorists tions traditional notion transaction costs true understood weak causal claim