The Walrasian Paradigm: Difference between revisions

Revision as of 01:08, 22 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

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