ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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The Economics of Illusions and the Illusions of Economics- A Note on General Equilibrium Theory

The Economics of Illusions and the Illusions of Economics A Note on General Equilibrium Theory Vinod Vyasulu IT would not be correct to state that the award of the Nobel Prize in economics in 1983 has brought general equilibrium theory into the limelight. Practitioners of general equilibrium theory have been honoured earlier, for example, Tjalling Koopmans, John Hicks and, especially, Kenneth Arrow. However, in bestowing the 1983 distinction on Gerard Debreu alone, the award committee has unambiguously focused attention on a major trend in economic science. It is a trend that may merit the serious consideration of economists.

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