ABSTRACT
Accounting both for macro and microeconomic purposes deals with process
and dynamics. Much of the best microeconomic theory has dealt only with
statics. General equilibrium theory shows the virtues of a price system, but
abstracts from price formation and all of the accounting problems which
appear in disequilibrium. An approach is suggested here for reconciliation
of accounting with general equilibrium. More generally, it is suggested that
the importance of accounting to economic theory has been underestimated.
