On the construction of general equilibria in a competitive economy

Abstract

This paper gives a constructive treatment of McKenzie's theorem on the existence of general equilibria. While the full theorem does not admit a constructive proof, and hence does not admit a computational realisation, we show that if we strengthen the conditions on our preference relation---we require $\succ$ to be uniformly rotund in the sense of Bridges [5]---then we can find `approximate equilibrium points,' points at which the collective profit may not be maximal, but can be made arbitrarily close to being maximal.