SPECIALISATION AND THE EXISTENCE PROBLEM IN GENERAL EQUILIBRIUM THEORY*

1991/01/01 by S. ABURIZVI TURAB · 1 voice
Social Sciences · Psychology · Mathematics · #Political Economy and Marxism #Philosophy and Theoretical Science #Mathematical and Theoretical Analysis

paper · doi:10.1093/oxfordjournals.cpe.a035592

openalex publication_date 1991/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/04/06

Abstract

When the division of labour has been once thoroughly established, it is but a very small part of a man's wants which the produce of his own labour can supply… Every man thus lives by exchanging, or becomes in some measure a merchant and the society itself grows to be what is properly a commericial society (Smith, 1776, p. 22).

Discussions

• one fun note: in competitive general equilibrium agents must be able to survive with their endowments. Which implies that no agent can only have labour as the only thing to offer. doi.org/10.1093/oxf [bsky, 2 points, 2 comments]

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• The Division of Labour in Society
• The Role of the Assumptions for the Existence of a General Equilibrium
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