Price Theory and the Study of Deception in the Exchange Process.

The general equilibrium approach in orthodox economics largely abstracted from the passing of time. In a timeless world, strategy and deception are difficult to define. The mainstream analysis of the second half of the twentieth century was mostly about establishing the limits within which price ratios might profitably vary in a world where people keep promises and are honest. Curiously, another group of milestones (some of which date back to the 1920s and 1930s) exist that, when taken together, may spark a renewed interest in the economics of fraud and deception. [ABSTRACT FROM AUTHOR]