Schrödinger’s reaction to the EPR paper is less widely known than, say, Bohr’s, and yet our analysis shows that it fits rather nicely with contemporary concerns in foundations of quantum mechanics. Taking the lead both from the EPR paper and from Pauli’s remarks in their correspondence, Schrödinger shows that EPR’s locality considerations lead to the assignment of values to all quantum mechanical observables, but that under apparently mild assumptions this then leads to contradictions of the von Neumann type. This dilemma (as he explicitly calls it) is thus similar to more recent debates between nonlocality on the one hand and no-go results on the other (whether through violation of the Bell inequalities, the Kochen–Specker theorem, or what you will). We shall first look at Schrödinger’s fundamental worries in the years leading up to 1935. The chapter then discusses in detail the direct reaction by Schrödinger to EPR. It will, however, not exhaust our discussion of Schrödinger, who is a recurring character in the book, having poked and prodded his peers on EPR during the whole summer and autumn of 1935.

In the framework of a critical illustration of the contemporary history of economics, this chapter provides an assessment of the development of microeconomics since von Neumann’s and Morgenstern’s theory of expected utility, including the developments of general equilibrium theory, reproposals by the Chicago school and others of the Marshallian theory, Samuelson’s Marshallian-Walrasian synthesis, the new theories of the irm (oligopoly and barriers to entry, contestable markets and others), growth and limits of game theory.