The Walrasian Paradigm: Difference between revisions
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New page: *Consumers make economic decisions based on exogenously determined and self-interested preferences **Preferences do not change over time *Economic transactions are the only form of soci... |
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*Consumers make economic decisions based on exogenously determined and self-interested preferences | *Consumers make economic decisions based on exogenously determined and self-interested preferences | ||
**Preferences do not change over time | **Preferences do not change over time | ||
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*Institutions exist to facilitate trade | *Institutions exist to facilitate trade | ||
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Revision as of 15:47, 21 April 2009
- Consumers make economic decisions based on exogenously determined and self-interested preferences
- Preferences do not change over time
- Economic transactions are the only form of social interaction
- Repeated interactions are ignored
- Price vectors are presumed to encapsulate the influence and action of other economic actors
- Returns to scale are ignored
- Institutions do not evolve
- Societal learning is ignored
- Institutions exist to facilitate trade
