Economics · General Equilibrium Theory
Barone's contribution to general equilibrium theory is primarily associated with:
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- 1Introducing the concept of a social welfare function
- 2Development of the cobweb model of price adjustment
- 3Demonstrating that a socialist planner could replicate competitive allocation via shadow prices✓
- 4Proof of existence of competitive equilibrium
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Demonstrating that a socialist planner could replicate competitive allocation via shadow prices
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