Accounting and its Relationship to General Equilibrium Theory
Accounting both for macro and microeconomic purposes deals with process and dynamics. Much of the best microeconomic theory has dealt only with statics. General equilibrium theory shows the virtues of a price system, but abstracts from price formation and all of the accounting problems which appear...
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| Format: | Article |
| Language: | English |
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De Gruyter
2019
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| Online Access: | View Fulltext in Publisher |
| Summary: | Accounting both for macro and microeconomic purposes deals with process and dynamics. Much of the best microeconomic theory has dealt only with statics. General equilibrium theory shows the virtues of a price system, but abstracts from price formation and all of the accounting problems which appear in disequilibrium. An approach is suggested here for reconciliation of accounting with general equilibrium. More generally, it is suggested that the importance of accounting to economic theory has been underestimated. © 2019 Walter de Gruyter GmbH, Berlin/Boston. |
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| ISBN: | 21522820 (ISSN) |
| DOI: | 10.1515/ael-2018-0054 |