----------------- 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]