Until the 1970s general equilibrium analysis remained theoretical.
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This path-breaking work marked the successful culmination of his long battle for transforming abstract general equilibrium analysis into a practical tool for the evaluation of economic policy.
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This work has generated a major research field in economics termed Applied General Equilibrium Analysis and a corresponding area in operations research known as Simplicial Fixed Point Methods ( or Algorithms ).
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The book was intended and received as a bridge between standard and more advanced text, presenting the standard neoclassical point of view, but with a view toward General Equilibrium Analysis and Welfare Economics.
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Some critics have taken the theorem to mean that General equilibrium analysis cannot be usefully applied to understand real-life economies since it makes imprecise predictions ( hence, the Anything Goes moniker ).
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While the issues are fairly technical the basic intuition is that the presence of wealth effects ( which is the feature that most clearly delineates general equilibrium analysis from partial equilibrium ) generates the possibility of multiple equilibria.
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Basic questions in general equilibrium analysis are concerned with the conditions under which an equilibrium will be efficient, which efficient equilibria can be achieved, when an equilibrium is guaranteed to exist and when the equilibrium will be unique and stable.
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Scarf s algorithm has initiated a major research field in economics known as Applied General Equilibrium Analysis ( see Shoven and Whalley ( 1992 ) ) and a corresponding area in operations research termed Simplicial Fixed Point Methods or Algorithms ( see Todd ( 1976 ) and Yang ( 1999 ) ).
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He wrote and edited a dozen books ( including " The Structure of Applied General Equilibrium ", Cambridge, MA ., MIT Press, 1997, with M . Keyzer, and " How Many Languages Do We Need ", Princeton University Press, 2011 with Shlomo Weber ) and is the author or coauthor of over 180 papers on topics in applied and theoretical economics, including industrial organization and general equilibrium analysis.
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