Walras General Equilibrium Model

1. Critically appraise the role of the Auctioneer in Walras' presentation of general equilibrium.

2. Critically appraise Walrasian general equilibrium theory.

3. Distinguish clearly between Walras' Law and Say's Law.

4. Distinguish between partial and general equilibrium.

5. describe the role of the numéraire in a GE model.

6. describe and discuss the problems which emerged from Walras's research strategy. (Is GE possible? Is the GE economically meaningful? How is production integrated into the GE? Are individual market equilibrium conditions consistent with the GE? Is the GE stable?)

7. Compare and contrast Marshall and Walras on method.