“Finding Equilibrium”—Losing Economics Comment on the Book Finding Equilibrium by Düppe, T. and Weintraub, E. R.

Abstract

The main achievement of modern General Equilibrium Theory (GET) is the proof of equilibrium’s existence. “The proof of general equilibrium is the crowning achievement of mathematical economics” [1] [2] . One of the authors of “Finding Equilibrium”, Weintraub Roy, published three books [3] - [5] and many papers over 30 years, to demonstrate and convince economists that economics were becoming a mathematical science and “These proofs became highly influential” ( [5] , p. xii). It might be that the proof of the equilibrium existence is a mathematical achievement, but the question is whether these proofs are harmonious with the economic situation in reality.