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Journal of Economic Perspectives: Vol. 8 No. 2 (Spring 1994)

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The Usefulness of Core Theory in Economics

Article Citation

Telser, Lester G. 1994. "The Usefulness of Core Theory in Economics." Journal of Economic Perspectives, 8(2): 151-164.

DOI: 10.1257/jep.8.2.151

Abstract

Core theory furnishes a useful framework for studying a wide variety of economic problems. It has an undeserved reputation of being too abstract owing mainly to the manner in which it is employed in the theory of general equilibrium. In fact, core theory is a highly flexible way of looking at practical economic problems, especially problems in industrial organization. This paper seeks to show how simple numerical examples can illustrate the idea of the core and, in turn, how the core can illustrate basic principles of economics.

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Authors

Telser, Lester G. (U Chicago)

JEL Classifications

L10: Market Structure, Firm Strategy, and Market Performance: General
D51: Exchange and Production Economies
C71: Cooperative Games

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