General Equilibrium Theory


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McKenzie shows that this formulation is equivalent to the one of Arrow and Debreu, who assume a finite set of technologies and an ownership distribution. The nature of McKenzie's argument is that a distinct entrepreneurial factor can be introduced for each firm.

HET: Walrasian General Equilibrium Theory - Contents

In the Arrow—Debreu setup, the quantities of these factors are normalized to one and distributed proportionally to ownership shares. Both the McKenzie and the Arrow—Debreu formulations are equivalent mathematically.


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They are not, however, equivalent from the perspective of economics. The approach of identifying each firm with a distinct technology set is not at all useful for developing a theory of industrial organizations.


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  • As McKenzie points out, when nonconvexities are small relative to the size of the economy and access to the underlying technologies is free, the aggregate production possibility set is approximately a convex cone. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.

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    General equilibrium theory

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