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4.1
80 reviewsThe answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood -- neither by proponents of, or antagonists to, the ''free market position''. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on ''market forces'' to manage complex socio-economic systems.