The Walrasian Paradigm

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  • 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
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