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Eliot Roy WEINTRAUB

Eliot Roy WEINTRAUB, economist in the field of General Equilibrium Theory; History of Economic Thought; Economic Methodology.

Background

  • WEINTRAUB, Eliot Roy was born in 1943 in New York City, New York, United States of America.

  • Education

    • Bachelor of Arts Swarthmore College, Pennsylvania (Maths), 1964. Master of Science, Doctor of Philosophy (Applied Mathematics) University Pennsylvania, 1967, 1969.

    Career

    • Assistant Professor, Rutgers College, 1968-1970. Assistant Professor, Association Professor, Duke University, 1970-1980. Visiting Lector, University Bristol, England, 1971-1972.

      Visiting Professor, University Hawaii, 1978, University of California, Los Angeles, Calif., United States of America, 1982. Professor of Economics, Duke University, Durham, North Carolina, United States of America, since 1980. Editorial Board Journal of Economic Literature, , American Economic Review, since 1981.

    Views

    Early work, based on my doctoral dissertation, concerned the effects of imposing random shocks on tâtonnement processes for general equilibrium models. Most result were negative in the sense that stochastic shocks destabilised tâtonnement adjustments. This led to my concern with non-tâtonnement processes based on actual trading behaviour, in which transactions costs, information costs, and trading strategies intrude.

    These ideas linked up with my work in monetary theory and, in an attempt to sort out the issues, I was led to survey the area of ‘micro-foundations of macroeconomics’. This survey also resulted from concerns with Keynes-versusKeynesian problems which I had addressed in several articles. These ideas led me to a more self-conscious analysis of just what general equilibrium analysis could, or could not, do in economics.

    The result was a shift of interest to the ‘modern’ history of economic thought and method, which reached fruition with a history of competitive equilibrium theory from Wald to Debreu, and a book on appraising general equilibrium analysis. I have had a continuing secondary interest in mathematical ideas in economics, and this has led to books on game theory and mathematics for economists and, more recently, on the usefulness of catastrophe theory for economics.

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