The Walrasian Paradigm: Difference between revisions

Revision as of 15:48, 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

Revision as of 15:47, 21 April 2009 view source Officerd (talk \| contribs) 357 edits No edit summary ← Older edit		Revision as of 15:48, 21 April 2009 view source Officerd (talk \| contribs) 357 edits No edit summary Newer edit →
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	*Institutions exist to facilitate trade		*Institutions exist to facilitate trade

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