chapter  5
21 Pages

MARSHALL, ANDREWS AND RICHARDSON ON MARKETS: An interpretation

This Pyrrhic victory did not last. In the 1980s and the 1990s 'new microeconomics' appeared, which took seriously imperfect information and competition into account but which, in return, renounced the concept of general economic interdependency and the explanation of the economy tendency towards a general equilibrium. Today, these 'new microeconomics' tend to replace progressively the GEE old view, but the problem of the consttuction of a model of the working of actual market economies still remains.