THE EPICYCLES OF GENERAL EQUILIBRIUM THEORY.

The author discusses the shift to a generalized economic interaction concept transposed by auxiliary theories of transaction costs and the link to externality. Topics covered include the expansion of general equilibrium theory to a broadly conceived neoclassical political economy, and the argument that transaction costs and related conceptual framings are best understood as the epicycles of general equilibrium theory. Also noted is the view of wealth as representative of the market's value.