Dilemmas in Economic Theory

This text compares the economic theory of the early neoclassical economists with the theory of value of the post-World War II period, and in particular the Arrow-Debreu model of general equilibrium.

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This book compares the economic theory of the early neoclassical economists with the theory of value of the post-World War II period, and in particular the Arrow-Debreu model of general equilibrium. It argues that many of the difficult problems faced in the early parts of the century -- that led in many cases to revolutions in the 1930s and 40s -- have not been successfully resolved by later theoretical work.