Classical General Equilibrium Theory

Author : Lionel W. McKenzie
Publisher : National Geographic Books
Page : 0 pages
File Size : 44,8 Mb
Release : 2005-08-12
Category : Business & Economics
ISBN : 9780262633307

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Classical General Equilibrium Theory by Lionel W. McKenzie Pdf

Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the 1930s and 1940s. This book focuses on the version of the theory developed in the second half of the twentieth century, referred to by Lionel McKenzie as the classical general equilibrium theory. McKenzie offers detailed and rigorous treatment of the classical model, giving step-by-step proofs of the basic theorems. In many cases he elaborates on the individual steps to give a fuller understanding of the underlying principles. His goal is to provide readers with a true mastery of the methodology so that they can derive new results that will further enrich their thinking about general equilibrium theory. Special attention is given to the McKenzie model, in which it is not assumed that the number of firms is given but rather that technologies or activities are available to any agents who can supply the resources they require. The McKenzie model is used to establish the turnpike theorems of optimal and competitive capital accumulation.

Author : Christopher Torr
Publisher : Routledge
Page : 162 pages
File Size : 43,9 Mb
Release : 2019-03-06
Category : Political Science
ISBN : 9780429698514

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Equilibrium, Expectations, And Information by Christopher Torr Pdf

This book attempts to elucidate the views of Keynes's General Theory as far as equilibrium, expectations and information are concerned, and compares them with those of modern classical economists of the Chicago and Ricardian persuasion.

Author : Vivian Charles Walsh,Harvey Gram
Publisher : New York : Oxford University Press
Page : 456 pages
File Size : 46,6 Mb
Release : 1980
Category : Business & Economics
ISBN : STANFORD:36105038835851

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Classical and Neoclassical Theories of General Equilibrium by Vivian Charles Walsh,Harvey Gram Pdf

The contrasting structures of classical and neoclassical theories of general equilibrium are compared by an analysis oftheir simplets models, and this contrast is justified through a re-examination of the primary sources.

Author : W. D. A. Bryant
Publisher : World Scientific
Page : 492 pages
File Size : 47,6 Mb
Release : 2010
Category : Business & Economics
ISBN : 9789812818355

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General Equilibrium by W. D. A. Bryant Pdf

General Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: OCyDoes the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence OCo and if so, how is that achieved?OCO This is always an apt question, but particularly so given the OCyGlobal Financial CrisisOCO that emerged from the operation of market economies in the Americas and Europe in mid to late 2008. The answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood OCo neither by proponents of, or antagonists to, the OCyfree market positionOCO. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on OCymarket forcesOCO to manage complex socio-economic systems. Sample Chapter(s). Chapter 1: General Equilibrium Theory: An Overview (138 KB). Contents: General Equilibrium Theory: An Overview; Existence of Equilibrium: Sufficient Conditions; Existence of Equilibrium: Necessary Conditions; Equilibrium and Irreducibility: Some Empirical Evidence; Existence of Equilibrium Under Alternative Income Conditions; Existence of Walrasian Equilibrium in Some NonOCoArrow-Debreu Environments; Uniqueness of Equilibrium; Stability of Equilibrium; Optimality of Equilibrium; Comparative Statics of Equilibrium States; Empirical Evidence on General Equilibrium; General Equilibrium Theory in Retrospect. Readership: Advanced undergraduates and graduate students in economics; economists interested in economic theory."

Author : Donald Brown,Felix Kubler
Publisher : Springer Science & Business Media
Page : 204 pages
File Size : 48,6 Mb
Release : 2008-01-08
Category : Business & Economics
ISBN : 9783540765912

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Computational Aspects of General Equilibrium Theory by Donald Brown,Felix Kubler Pdf

This monograph presents a general equilibrium methodology for microeconomic policy analysis. It is intended to serve as an alternative to the now classical, axiomatic general equilibrium theory as exposited in Debreu`s Theory of Value (1959) or Arrow and Hahn`s General Competitive Analysis (1971). The monograph consists of several essays written over the last decade. It also contains an appendix by Charles Steinhorn on the elements of O-minimal structures.

Author : Frank Hahn,Fabio Petri
Publisher : Routledge
Page : 544 pages
File Size : 42,7 Mb
Release : 2003-09-02
Category : Business & Economics
ISBN : 9781134433629

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General Equilibrium by Frank Hahn,Fabio Petri Pdf

In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate. General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.

Author : Ezra Davar
Publisher : Routledge
Page : 200 pages
File Size : 50,6 Mb
Release : 1994
Category : Business & Economics
ISBN : UOM:39015032496443

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The Renewal of Classical General Equilibrium Theory and Complete Input-output System Models by Ezra Davar Pdf

In this book the reader will find not only criticisms of conventional economic theory (general equilibrium (GE) and input-output (I-O)), but also suggestions for how to improve and advance it. The author shows that the Classics' - Smith, Marx and Walras - general equilibrium theories are characterized by a common approach, which has been misunderstood and misinterpreted. The assumptions of modern GE Theory were increased by 'Walras Law' (as formulated by his followers), which claims that the prices of factors (commodities) are equal to zero when there is excess supply. Hence, when compared to reality it is irrelevant. Leontief's attempt to bridge the theoretical (Walrasian) and empirical (Marxian) input-output versions was also incomplete. The author puts forward two new versions of GE Theory and I-O: 1) theoretical, which assumes price discrimination for mixed competition economy and the existence of unemployed factors with significantly positive price; and 2) empirical, which establishes a reciprocal connection between factors and categories of final uses. The suggested approach is demonstrated by practical application.

Author : Bert Tieben
Publisher : Rozenberg Publishers
Page : 592 pages
File Size : 43,9 Mb
Release : 2009
Category : Equilibrium (Economics)
ISBN : 9789036101097

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The Concept of Equilibrium in Different Economic Traditions by Bert Tieben Pdf

Author : Michio Morishima
Publisher : Cambridge University Press
Page : 268 pages
File Size : 53,7 Mb
Release : 1990-10-25
Category : Business & Economics
ISBN : 0521396883

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Ricardo's Economics by Michio Morishima Pdf

This book, together with Marx's Economic and Walras' Economics, completes a sequence of titles by Professor Morishima on the first generation of scientific economists. The author's assessment of Ricardo differs substantially from the established views adopted by economists and historians of economic thought. While economists such as Pasinetti, Caravale and Samuelson have concentrated on macroeconomic interpretations of Ricardo, and historians of economic thought have emphasised his labour theory of value, Morishima takes a different course. In this book the author concentrates on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economies without the symbols and formulae. Morishima then translates Ricardo's economics into mathematical language to find a general equilibrium system (very similar to Walras') concealed within. The analysis also contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian analysis is firmly based on marginalist principles, using prices, wages and profits rather than labour values. The book ends with a discussion of the historical character of economic theory and an attempt to specify the epoch of Ricardian economics.

Author : Ross M. Starr
Publisher : Cambridge University Press
Page : 280 pages
File Size : 48,6 Mb
Release : 1997-07-13
Category : Business & Economics
ISBN : 0521564735

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General Equilibrium Theory by Ross M. Starr Pdf

General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.

Author : Hayo Reinders
Publisher : Springer
Page : 357 pages
File Size : 48,8 Mb
Release : 1989-03-01
Category : Business & Economics
ISBN : 9781349198023

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General Equilibrium by Hayo Reinders Pdf

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the topic of general equilibrium.

Author : E. Roy Weintraub
Publisher : University of Michigan Press
Page : 212 pages
File Size : 43,7 Mb
Release : 1993
Category : Business & Economics
ISBN : 047208223X

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General Equilibrium Analysis by E. Roy Weintraub Pdf

A profound, innovative, and lively exploration of the nature of the theory at the very center of economics

Author : Alessandro Citanna,John Donaldson,H. Polemarchakis,Paolo Siconolfi,Stephen Spear
Publisher : Springer Science & Business Media
Page : 278 pages
File Size : 54,7 Mb
Release : 2006-01-11
Category : Business & Economics
ISBN : 9783540271925

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Essays in Dynamic General Equilibrium Theory by Alessandro Citanna,John Donaldson,H. Polemarchakis,Paolo Siconolfi,Stephen Spear Pdf

In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.

Author : Christopher Torr
Publisher : Routledge
Page : 160 pages
File Size : 47,7 Mb
Release : 2019-05-07
Category : Electronic
ISBN : 0367007045

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Equilibrium, Expectations and Information by Christopher Torr Pdf

This book attempts to elucidate the views of Keynes's General Theory as far as equilibrium, expectations and information are concerned, and compares them with those of modern classical economists of the Chicago and Ricardian persuasion.

Author : P.J. Kalman
Publisher : Springer Science & Business Media
Page : 174 pages
File Size : 44,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642953316

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Some Aspects of the Foundations of General Equilibrium Theory by P.J. Kalman Pdf

In a wide number of economic problems the equilibrium values of the variables can be regarded as solutions of a parametrized constrained maximization problem. This occurs in static as well as dynamic models; in the latter case the choice variables are often paths in certain function spaces and thus can be regarded as points in infinite dimensional spaces. It is sometimes possible to determine qualitative properties of the solutions with respect to changes in the parameters of the model. The study of such properties is often called comparative statics; [15], [2], and [10]. Certain comparative static properties of the maxima have proven to be of particular importance for economic theory, since the works of Slutsky, Hicks, and Samuelson [15]: they have been for- lated in terms of synunetry and negative semidefiniteness of a matrix, called the Slutsky-Hicks-Samuelson matrix. A discussion of this matrix and its applications is given in Section 1. The study of these properties in economic theory, however, has so far been restricted to static models where the choice variable and the parameters are elements in Euclidean spaces, and where there is only one constraint.