Equilibrium, Crisis, and Game: Reconstructing Political Economy

This text provides a thorough analysis of the evolution of political economy, examining its foundations from Adam Smith's classical "invisible hand" to contemporary mathematical models. The author reconstructs key paradigms, contrasting the elegant general equilibrium of Walrasian and Arrow-Debreu with the dynamic game theory of John Nash. The article does not shy away from challenging topics such as Marx's theory of surplus value, Joseph Stiglitz's information asymmetry, and Schumpeter's creative destruction. The study also addresses Keynes's state interventionism and Amartya Sen's ethical approach to development. The overall work creates a comprehensive picture of market mechanisms, taking into account the impact of AI and modern economic geography on global core-periphery divisions. This is essential reading for understanding how economic theory attempts to describe and shape contemporary social reality.