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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
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