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Equilibrium, Trade, and Growth: Selected Papers of Lionel W. McKenzie,9780262135016
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Equilibrium, Trade, and Growth: Selected Papers of Lionel W. McKenzie



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This is the edition with a publication date of 1/31/2009.

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Influential neoclassical economist Lionel McKenzie has made major contributions to postwar economic thought in the fields of equilibrium, trade, and capital accumulation. This selection of his papers traces the development of his thinking in these three crucial areas. McKenzie's early academic life took him to Duke, Princeton, Oxford, the University of Chicago, and the Cowles Commission. In 1957, he went to the University of Rochester to head the economics department there, and he remains at Rochester, now Wilson Professor Emeritus of Economics. McKenzie's most significant research was undertaken during a period that saw the development of the major themes of neoclassical economics and the use of fundamental mathematical methods to do so. McKenzie contributed to both aspects of this research program. He helped shape the direction of the field and, at Rochester, influenced generations of future scholars. In 2002, The MIT Press published McKenzie's Classical General Equilibrium Theory,a detailed summary of the model and methodology. This book, collecting his most important papers in the form in which they were originally published, can be seen as a companion to that one. The many state-of-the-art results achieved in McKenzie's original papers present sophisticated theoretical work that will continue to be important to future developments in the discipline.

Table of Contents

Introductionp. 1
Lionel W. McKenziep. 3
Equilibrium, Trade, and Capital Accumulationp. 23
Equilibriump. 61
On Equilibrium in Graham's Model of World Trade and Other Competitive Systemsp. 63
Competitive Equilibrium with Dependent Consumer Preferencesp. 83
Demand Theory without a Utility Indexp. 95
On the Existence of General Equilibrium for a Competitive Marketp. 101
Stability of Equilibrium and the Value of Positive Excess Demandp. 123
On the Existence of General Equilibrium: Some Correctionsp. 137
Why Compute Economic Equilibria?p. 141
The Classical Theorem on Existence of Competitive Equilibriump. 159
The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Setsp. 189
Tradep. 213
Specialisation and Efficiency in World Productionp. 215
Equality of Factor Prices in World Tradep. 237
Specialization in Production and the Production Possibility Locusp. 261
Matrices with Dominant Diagonals and Economic Theoryp. 275
The Inversion of Cost Functions: A Counter-Examplep. 295
Theorem and Counter-Examplep. 305
Growthp. 313
The Dorfman-Samuelson-Solow Turnpike Theoremp. 315
Turnpike Theorem of Morishimap. 333
Accumulation Programs of Maximum Utility and the von Neumann Facetp. 345
Capital Accumulation Optimal in the Final Statep. 377
Turnpike Theorems with Technology and Welfare Function Variablep. 393
A New Route to the Turnpikep. 411
A Primal Route to the Turnpike and Liapounov Stabilityp. 423
Turnpike Theory, Discounted Utility, and the von Neumann Facetp. 441
Sourcesp. 465
Indexp. 467
Table of Contents provided by Publisher. All Rights Reserved.

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