Great Economists Since Petty and Boisguilbert
Edited by Gilbert Faccarello and Heinz D. Kurz
Chapter 120: Takashi Negishi (b. 1933)
Takashi Negishi (born 1933) is a distinguished Japanese economic theorist and a historian of economic theory. In 1963 he received a PhD in economics from the University of Tokyo in Japan, and he was professor of economics at the University of Tokyo from 1976 to 1994. After retiring from the University of Tokyo, he taught economics at Aoyama Gakuin University in Tokyo and some other universities. He became the president of the Econometric Society in 1993. He published numerous papers in English; his main contributions were republished in Negishi (1994a, 1994b). He started his career in economic research as a general equilibrium theorist. In the late 1950s and the early 1960s he published a series of pioneering mathematical papers on stability analysis, welfare analysis and on the theory of imperfect competition in the context of general equilibrium theory. In particular, the following three papers are important: (1) “A note on the stability of an economy where all goods are gross substitutes” (1958), (2) “Welfare economics and existence of an equilibrium for a competitive economy” (1960) and (3) “Monopolistic competition and general equilibrium” (1961). Paper 1 is a seminal paper that provided a mathematical proof of the dynamic stability of the Walrasian price adjustment by means of tâtonnement (trial and error). Walrasian price adjustment process implies that the prices of the goods with excess demand increase and the prices of the goods with excess supply decrease. However, the dynamic stability of the equilibrium point is not ensured, unless some restrictive...
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