Teaching of Economics in India-Theory of General Equilibrium and Welfare Economics A Critical Assessment

Theory of General Equilibrium and Welfare Economics: A Critical Assessment Ajit K Biswas The theory of general equilibrium does not help to understand or analyse economic reality in India or elsewhere; nor does it help in formulating criteria for an evaluation of the existing economic systems. Its link with welfare economics, based on the concept of Pareto-optimality, has no foundation in reality or in any acceptable notion of rational ethics.