Authors: Chuanli Chen
In modern economics, there are many theories that discuss the equilibrium. This convention was originally from two famous economists Leon Walras and Afred Marshall. Walras first described general equilibrium theory in 1874. Afred Marshall put forward the partial equilibrium theory in 1920. However, there was never any observational evidence for the existence of equilibrium. In this paper, I will put forward a new price theory, which is named Price Uncertainty Principle. I will point out the flaws of these two equilibrium theories and discuss why the price mechanism is not the invisible hand, then further discuss why partial equilibrium and general equilibrium are non-existent. I will prove that there is no price equilibrium point and market prices are always fluctuating
Comments: 22 Pages.
Unique-IP document downloads: 127 times
Vixra.org is a pre-print repository rather than a journal. Articles hosted may not yet have been verified by peer-review and should be treated as preliminary. In particular, anything that appears to include financial or legal advice or proposed medical treatments should be treated with due caution. Vixra.org will not be responsible for any consequences of actions that result from any form of use of any documents on this website.
Add your own feedback and questions here:
You are equally welcome to be positive or negative about any paper but please be polite. If you are being critical you must mention at least one specific error, otherwise your comment will be deleted as unhelpful.