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Author: W. D. A. Bryant Publisher: World Scientific ISBN: 9812818359 Category : Business & Economics Languages : en Pages : 492
Book Description
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: W. D. A. Bryant Publisher: World Scientific ISBN: 9812818359 Category : Business & Economics Languages : en Pages : 492
Book Description
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: Siamak Hadifar Publisher: GRIN Verlag ISBN: 366869429X Category : Business & Economics Languages : en Pages : 34
Book Description
Essay from the year 2017 in the subject Economics - Micro-economics, grade: 2,0, University of Bratislava, language: English, abstract: The question about how the different economic units such as consumers, governments, and enterprises operate in a competitive markets und make the decisions under conditions of limited amounts of resources is a main subject of studies of the economic science. The lack of resources has turned into a vexed problem in recent years, while people’s desires keep increasing. In order to deal with such a conflict, these three basic questions should be answered by economic systems: What services and goods should be produced and in what quantities? How should these services and goods be produced? Who would be the end customers of such services und goods and how should these should be distributed? Microeconomic theory defines and models an economic activity as an interaction of individuals (economic agents) pursuing their private interests. Considering different microeconomic processes for better understanding the principles of the whole economy we are interested in how the goods are distributed among consumers within different markets. What condition markets’ outcomes, i.e. prices of goods and services and quantities traded, are agents’ behavioral characteristics and the market mechanisms, described of law of supply and demand. It is common to divide two large and groups of agents - households and firms, each of them plays its own role in the market.
Author: William David Anthony Bryant Publisher: World Scientific ISBN: 9814470864 Category : Business & Economics Languages : en Pages : 492
Book Description
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: ‘Does the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence — and if so, how is that achieved?’ This is always an apt question, but particularly so given the ‘Global Financial Crisis’ 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 — neither by proponents of, or antagonists to, the ‘free market position’. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on ‘market forces’ to manage complex socio-economic systems.
Author: Donald A. Walker Publisher: Cambridge University Press ISBN: 1139450913 Category : Business & Economics Languages : en Pages : 297
Book Description
In order to understand the various strands of general equilibrium theory, why it has taken the forms that it has since the time of Léon Walras, and to appreciate fully a view of the state of general equilibrium theorising, it is essential to understand Walras's work and examine its influence. The first section of this book accordingly examines the foundations of Walras's work. These include his philosophical and methodological approach to economic modelling, his views on human nature, and the basic components of his general equilibrium models. The second section examines how the influence of his ideas has been manifested in the theorising of his successors, surveying the models of theorists such as H. L. Moore, Vilfredo Pareto, Knut Wicksell, Gustav Cassel, Abraham Wald, John von Neumann, J. R. Hicks, Kenneth Arrow, and Gerard Debreu. The treatment also examines models of many types in which Walras's influence is explicitly acknowledged.
Author: Manuel Alejandro Cardenete Publisher: Springer ISBN: 3662548933 Category : Business & Economics Languages : en Pages : 187
Book Description
This advanced textbook provides a straightforward but comprehensive introduction to applied general equilibrium modeling. General equilibrium is the backbone of modern economic analysis, which is why generation after generation of economics students have been introduced to it. As an analytical tool, general equilibrium can provide one of the most complete views of a given economy, as it incorporates all economic agents (households, firms, government and the foreign sector) in an integrated way that explicitly reveals the interplay of economic forces—supply and demand—and the balancing role of prices. Applied general equilibrium goes one step further in modeling, since it entails the integration of microeconomic theory, data handling and computing. This integration is essential for successful empirical modeling, but also involves various abilities that are not found in standard books. This book fills the gap, providing advanced students with the required tools, from the construction of consistent and applicable general equilibrium models to the interpretation of the results that ensue from the adoption of policies. This second edition expands the range of topics covered, including: indispensable general equilibrium theory, step-by-step model design, incremental model extensions, a wealth of sample computer code, procedures for constructing economic databases, database adjustments and database updating algorithms, numerical model calibration, policy strategies and their trade-offs and welfare effects, and a discussion of empirical policy examples.
Author: John B. Shoven Publisher: Cambridge University Press ISBN: 9780521319867 Category : Business & Economics Languages : en Pages : 316
Book Description
The central idea underlying this work is to convert the Walrasian general equilibrium structure (formalized in the 1950s by Kenneth Arrow, Gerard Debreu and others) from an abstract representation of an economy into realistic models of actual economies.
Author: Charalambos D. Aliprantis Publisher: Springer Science & Business Media ISBN: 3662032333 Category : Mathematics Languages : en Pages : 257
Book Description
This is the first book to teach the basic methods of proof and problem solving in General Equilibrium Theory at graduate level. The problems cover the entire spectrum of difficulty: some are routine, while others require a good grasp of the material involved, and some are even challenging. In searching for the basic required techniques, students will discover a wealth of new material, and are encouraged to arrive at solutions different from the ones presented in the book. Complete solutions to two hundred problems are provided.
Author: Pascal Bridel Publisher: Routledge ISBN: 1136719814 Category : Business & Economics Languages : en Pages : 200
Book Description
2010 marks the hundredth anniversary of the death of Léon Walras, the brilliant originator and first formaliser of general equilibrium theory – one of the pillars of modern economic theory. In advancing much derided practical solutions Walras also displayed more concern for the problems of living in a second best world than is common in modern pure theories of the invisible hand, efficient market hypothesis, DSGE macroeconomics or the thinking of some contemporary free market admirers all based on general equilibrium theory. This book brings contributions from the likes of Kenneth Arrow, Alan Kirman, Richard Posner, Amartya Sen and Robert Solow to share their thoughts and reflections on the theoretical heritage of Léon Walras. Some authors reminisce on the part they played in the development of modern general economics theory; others reflect on the crucial part played by general equilibrium in the development of macroeconomics, microeconomics, growth theory, welfare economics and the theory of justice; others still complain about the wrong path economic theory took under the influence of post 1945 developments in general equilibrium theory.
Author: Pascal Bridel Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 232
Book Description
Bridel (economics, U. of Lausanne, Switzerland) reconstructs the pioneering attempts of Leon Walras (1834-1910) and Vilfredo Pareto (1848-1923) to coordinate money and general equilibrium theory. He argues that the very logic of the original static general equilibrium model excludes the integration of monetary and value theory, shows how money is prevented from playing its essential role as a social institution in allowing monetary exchanges between individuals, and calls for some radical re- thinking about the theoretical construction on which much modern economic theory is based. Annotation copyrighted by Book News, Inc., Portland, OR
Author: James C. Moore Publisher: Springer Science & Business Media ISBN: 354032223X Category : Business & Economics Languages : en Pages : 575
Book Description
This book offers the basic grasp of general equilibrium theory that is a fundamental background for advanced work in virtually any sub-field of economics, and the thorough understanding of the methods of welfare economics, particularly in a general equilibrium context, that is indispensable for undertaking applied policy analysis. The book uses extensive examples, both simple ones intended to bolster basic concepts, and those illustrating application of the material to economics in practice.
Author: W. D. A. Bryant
Author: W. D. A. Bryant
Author: Siamak Hadifar
Author: William David Anthony Bryant
Author: Donald A. Walker
Author: Manuel Alejandro Cardenete
Author: John B. Shoven
Author: Charalambos D. Aliprantis
Author: Pascal Bridel
Author: Pascal Bridel
Author: James C. Moore