Equilibrium, Trade, and Growth
Influential neoclassical economist Lionel McKenzie has made major contributions to postwar economic thought in the fields of equilibrium, trade, and capital accumulation. This selection of his papers traces the development of his thinking in these three crucial areas.
McKenzie's early academic life took him to Duke, Princeton, Oxford, the University of Chicago, and the Cowles Commission. In 1957, he went to the University of Rochester to head the economics department there, and he remains at Rochester, now Wilson Professor Emeritus of Economics. McKenzie's most significant research was undertaken during a period that saw the development of the major themes of neoclassical economics and the use of fundamental mathematical methods to do so. McKenzie contributed to both aspects of this research program. He helped shape the direction of the field and, at Rochester, influenced generations of future scholars. In 2002, The MIT Press published McKenzie's Classical General Equilibrium Theory, a detailed summary of the model and methodology. This book, collecting his most important papers in the form in which they were originally published, can be seen as a companion to that one. The many state-of-the-art results achieved in McKenzie's original papers present sophisticated theoretical work that will continue to be important to future developments in the discipline.
About the Author
The late Lionel W. McKenzie was Wilson Professor Emeritus of Economics at the University of Rochester.
About the Editors
Tapan Mitra is Goldwin Smith Professor of Economics and Director of Graduate Studies in the Field of Economics at Cornell University. Mitra studied under Lionel McKenzie at the University of Rochester.
Kazuo Nishimura is Professor at the Institute of Economics Research at Kyoto University and, since 2006, its Director. Nishimura studied under Lionel McKenzie at the University of Rochester.
"Lionel McKenzie's contributions to economic theory are central in importance and influence. The collected essays display his priority in establishing existence of competitive equilibrium, his many additional refinements in this area, with special regard to the analysis of foreign trade, and his masterful analysis of dynamic economic problems. On rereading the latter, I realize how much there is still to be learned from his papers about the analysis of optimal economic growth."
Kenneth J. Arrow, Stanford University, and Nobel Laureate in Economics
"This is quite a selection of papers; many are classics. They make clear the value of the language developed by Lionel McKenzie for studies of the aggregate economy, whether it be a trade, growth, or, for that matter, business cycle study. Another reason to study these papers is that reading them will stimulate further development of theory."
Edward C. Prescott, Department of Economics, and W. P. Carey School of Business, Arizona State University, and Nobel Laureate in Economics
"This collection, with its warm and knowledgeable introduction by Tapan Mitra and Kazuo Nishimura and a second introduction by McKenzie himself, is a valuable companion volume to McKenzie's masterful Classical General Equilibrium Theory. Together they crown a scholarly career of remarkable achievement, integrity and vision."
Robert Lucas, Department of Economics, University of Chicago, Nobel Laureate in Econonomics
"In conjunction with a rather select and pioneering group, Lionel McKenzie's uniquely broad vision for classical general equilibrium theory conceived the foundations for the subject; and the profession surely owes a debt of gratitude to Professors Mitra and Nishimura for making these classical papers available in one place to the current and coming generations of scholars."
M. Ali Khan, Department of Economics, Johns Hopkins University