----------------- HES POSTING ----------------- 
 
Response to Chris Torr: 
 
But Walras had the auctioneer go through the artificial  
"tatonnement" ("groping") process of offering price vectors and  
adjusting them in response to the quantities that were then  
proposed in response.  Walras well understood that in the real  
world, there would be no "holding everything constant" while the  
auctioneer could go through such a process, even if such a  
process would converge. Marshall also understood such problems  
to exist in the real world.  Neither Marshall nor Walras saw perfect  
information or knowledge as something holding in the real  
economy.   
 
Barkley Rosser 
 
------------ FOOTER TO HES POSTING ------------ 
For information, send the message "info HES" to [log in to unmask]