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Journal of Economic Perspectives: Vol. 8 No. 2 (Spring 1994)
JEP Volume. 8, Issue 2 | 
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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
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.
Article Full-Text Access
Full-text Article (Complimentary)
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
D51: Exchange and Production Economies
C71: Cooperative Games
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