in terms of price theory, we refer to post-Keynesian and institutionalist ones in Chpts. 6 and 7). In that we have a point in common with the “usual suspect” heterodox (macro-) textbooks, such as Fred Lee’s/Tae-Hee Jo’s.


There probably is no “heterodox” alternative to GET, but I would say,


(1)    a game-theoretic conception (model) has an implicit opportunity cost approach (thus “prices”) and

(2)    an evolutionary game-theoretic conception (theory, model) of a societal coordination process (as developed in chapters 8ff.) may be(come) the alternative to GET …


And: It is short as it is a textbook. We would not want to get above 600pp. Most reviewers already argued it is something in between a textbook and a research monograph. And have classified it as “advanced”, although it is introductory in the first chapters, then intermediate, and advanced only in three chapters on complexity, complex modeling and computer simulation.


But in all, you are probably right, we mirror explicit price theory mainly through coordination theory. And post-Keynesians and Marxists would do it differently …


Many Cheers,






Von: AFEEMAIL Discussion List [mailto:[log in to unmask]] Im Auftrag von Yoshinori Shiozawa
Gesendet: Dienstag, 7. Mai 2019 00:58
An: [log in to unmask]
Betreff: Re: [AFEEMAIL] Neoclassicism, etc.


Dear Wolfram,


Yes, sure (this said with 51% forecast and 49% hope).


I have a bit more realistic estimate. I would say 33% forecast and 67% hope. Even if the chance is 33%, it is fairly positive and we should try. In the latter part, I am very romantic.     


PS: Yoshinori, re. real-world textbooks: Have a look at Elsner et al., The Microeconomics of Complex Economies. Evolutionary, Institutionalist, Neoclassical, and Complexity Perspectives, Elsevier/Academic Press 2015. (end of commercial break)


I have yet only read the table of contents, but it seems extremely attractive. If I give a point of my remarks, you explain the General Equilibrium Theory but give no alternative as a price theory. Chapter 7 contains rubric on alternative price theories but I cannot believe a sufficient explanation can be given in a range of 20 to 30 pages. Hierarchy and others are important but without price mechanism no large economic system does not work. Game theories and others draw on a moderately moving price system.  


Yoshinori Shiozawa <[log in to unmask]>