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Professor Shiozawa's Case against General Equilibrium : A Comment

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Professor Shiozawa's positions favouring stationarity as a central element of a research program alternative to General Equilibrium Theory (GET) are both interesting and stimulating. They are founded on the very lucid idea that Classical economics is not a special case of GET. Classical economics, in the sense of Ricardo and Torrens, rests on von Neuman's model, which is irreducible to Arrow-Debreu's one. Some of the critiques Professor Shiozawa directs against GET are perfectly relevant and his general orientation deserves to be taken seriously. But it would not be very useful to extensively insist on the points in agreement. It is more interesting to mention differences in interpretations and intuitions, mainly if they allow to raise some still pending questions. ……

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