The court jester hypothesis builds upon the punctuated equilibrium theory of Stephen Gould ( 1972 ) by providing a primary mechanism for it.
32.
Joan Robinson's work on imperfect competition, at least, was a response to certain problems of Marshallian partial equilibrium theory highlighted by Piero Sraffa.
33.
Originally specializing in mathematical economics and general equilibrium theory, since the late 1990s Bewley has gained renown for his work on sticky wages.
34.
Anglo-American economists also responded to these problems by turning towards general equilibrium theory, developed on the European continent by Walras and Vilfredo Pareto.
35.
He was credited with laying the ground for fields such as rational expectation econometrics, equilibrium theory of business cycles, investment theory and financial economics.
36.
Some socialists such as H . D . Dickinson and Oskar Lange, responded by invoking general equilibrium theory, which they argued disproved Mises's thesis.
37.
Lucas was credited with laying the ground for fields such as rational expectation econometrics, equilibrium theory of business cycles, investment theory and financial economics.
38.
In particular, Jevons saw his economics as an application and development of Jeremy Bentham's utilitarianism and never had a fully developed general equilibrium theory.
39.
In 1972 he received the Nobel Memorial Prize in Economic Sciences ( jointly ) for his pioneering contributions to general equilibrium theory and welfare theory.
40.
Its most important uses are in proving the existence of Nash equilibria in game theory, and the Arrow Debreu McKenzie model of general equilibrium theory.
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