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Focusing on an institutional approach to general economic equilibrium, this book argues for the integration of general equilibrium theory into institutional economics, moving beyond mere verbal discourse. It explores the Edgeworthian barter mechanism as a foundation for understanding economic trade within institutional settings. The author examines the relationship between the core and the Walrasian price mechanism, developing alternative models of non-sovereign trade. Utilizing an axiomatic method, the book summarizes key insights from finite economies and their relevance to market systems.
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Economic Exchange and Social Organization, Robert P. Gilles
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- 1996
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