tag:blogger.com,1999:blog-26706564.post2054946882468303860..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: ElsewhereRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-26706564.post-124283397933820222009-11-21T16:19:50.238-05:002009-11-21T16:19:50.238-05:00Who knows where to download XRumer 5.0 Palladium? ...Who knows where to download XRumer 5.0 Palladium? <br />Help, please. All recommend this program to effectively advertise on the Internet, this is the best program!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-26706564.post-72503393509586766122008-11-17T21:13:00.000-05:002008-11-17T21:13:00.000-05:00"Paul fails to note that Walras did not have a val..."Paul fails to note that Walras did not have a valid argument for existence of an equilibrium, even in theory. Counting equations is hardly adequate."<BR/><BR/>I didn't note it because it wasn't relevant to what I was saying.<BR/><BR/>"And the distinction between existence and stability was not clear for Walras"<BR/><BR/>But it is clear to us and we can see that the tatonnement process is to do with stability. As Arrow and Hahn write<BR/><BR/>"Walras went further and discussed the stability of equilibrium, essentially for the first time (that is, apart from some brief discussions by Mill in the context of foreign trade) in his famous but rather clumsy theory of tatonnements (literally "gropings" or "tentative proceedings")."Paul Walkerhttps://www.blogger.com/profile/13731003529546075700noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-5546535316422813562008-11-17T03:19:00.000-05:002008-11-17T03:19:00.000-05:00Paul fails to note that Walras did not have a vali...Paul fails to note that Walras did not have a valid argument for existence of an equilibrium, even in theory. Counting equations is hardly adequate.<BR/><BR/>And the distinction between existence and stability was not clear for Walras: "What must we do in order to prove that the theoretical solution is identically the solution worked out by the market? Our task is very simple: we need only show that the upward and downward movements of prices solve the system of equations of offer and demand by a process of tâtonnement."Robert Vienneauhttps://www.blogger.com/profile/14748118392842775431noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-69753003901247768402008-11-16T23:00:00.000-05:002008-11-16T23:00:00.000-05:00Speaking of ignorance, I am well aware that the GE...Speaking of ignorance, I am well aware that the GE approach is not that of Smith, in fact in my posting I wrote,"This is an abstraction Smith myself would have argued was going too far. Smith knew of the importance of institutions to the proper functioning of the market economy."<BR/><BR/>Also I noted in a reply to Gabriel's, useful, comments that Walras's use of the tatonnement process was with regard to stability not existence.Paul Walkerhttps://www.blogger.com/profile/13731003529546075700noreply@blogger.com