chapter  1
1 Walras: pioneer of illuminating complexity
ByWILLIAM J. BAUMOL
Pages 7

The simplifiers and the complicators To make my reasoning clear, it is first important to cover a bit of nomenclature. I think of the originators and expanders of general equilibrium theory as members of a group of economists that I designate ‘the complicators’. These include Walras, as well as a number of microeconomists-notably many who have devoted their efforts to game theoretic analysis. In contrast, those whose approaches have entailed elements of macroeconomic analysis-for instance, Ricardo and Keynes-I call ‘the simplifiers’.