Why study general equilibrium models of perfect competition?

Given that the core of modern microeconomics consists primarily of GE
models of perfect competition, and that these models do not even
vaguely resemble any markets that exist in reality, what is the
objective for studying them? The typical answer is that they represent
some sort of flawless (if unobtainable) ideal and that by studying the
attributes of the model and the effect of real world deviations from
this ideal, we can understand what effect further deviations will have.
Is this a valid approach though? Or would it be more useful to focus
from the start on models that more accurately reflect reality (e.g.,
dynamic vs static equilibrium models and models of monopolistic
competition and oligopoly vs models of perfect competition)? Are GE PC
models really the starting point against which to judge all other
models or are they just another model no more relevant than any other?

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Relevant Pages

  • Re: Why study general equilibrium models of perfect competition?
    ... models of perfect competition, and that these models do not even vaguely resemble any markets that exist in reality, what is the objective for studying them? ... The typical answer is that they represent some sort of flawless ideal and that by studying the attributes of the model and the effect of real world deviations from this ideal, we can understand what effect further deviations will have. ...
    (sci.econ)
  • Re: Why study general equilibrium models of perfect competition?
    ... >models of perfect competition, and that these models do not even ... >some sort of flawless ideal and that by studying the ... we can understand what effect further deviations will have. ... >from the start on models that more accurately reflect reality (e.g., ...
    (sci.econ)
  • Re: Why study general equilibrium models of perfect competition?
    ... >models of perfect competition, and that these models do not even ... we can understand what effect further deviations will have. ... >from the start on models that more accurately reflect reality (e.g., ... Economics students are ...
    (sci.econ)
  • Re: Why study general equilibrium models of perfect competition?
    ... > models of perfect competition, and that these models do not even ... > some sort of flawless ideal and that by studying the ... we can understand what effect further deviations will have. ... John Conover, conover@xxxxxxxxxxxxxxx, http://www.johncon.com/ ...
    (sci.econ)