"Modern Austrian economists go so far as to suggest that the Walrasian approach to the problem of multimarket equilibrium is a cul de sac: if we want to understand the process of competition, rather than the equilibrium end-state achieved by competition, we must begin by discarding such static reasoning as is implied by Walrasian GE theory. I have come slowly and extremely reluctantly to the view that they are right and that we have all been wrong."
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Columbia University alumniEconomists from the United KingdomPeople from The HagueFellows of the British Academy
Original Language: English
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Sources
Blaug, Mark; de Marchi, Neil (1991). Appraising economic theories : studies in the methodology of research programs, pg. 508)
https://en.wikiquote.org/wiki/Mark_Blaug
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Mark Blaug
Mark Blaug FBA (3 April 1927 – 18 November 2011) was a Dutch-born British economist.
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