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Imperfect General Equilibrium: The Economy as an Evolutionary Process: Individualistic, Discrete, Deterministic - Lecture Notes in Economics and Mathematical Systems 415 (Paperback)
  • Imperfect General Equilibrium: The Economy as an Evolutionary Process: Individualistic, Discrete, Deterministic - Lecture Notes in Economics and Mathematical Systems 415 (Paperback)
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Imperfect General Equilibrium: The Economy as an Evolutionary Process: Individualistic, Discrete, Deterministic - Lecture Notes in Economics and Mathematical Systems 415 (Paperback)

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£89.99
Paperback 167 Pages / Published: 29/08/1994
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Economic theory of the last fifty years has been dominated by the paradigm of General Equilibrium Theory, based on the scientific work of Walras-Pareto-Cassel-Wald-Hicks-Arrow-De- breu-McKenzie. Some of its grounding assumptions are: all prices are fully flexible; an auctioneer appropriately manipulates all prices according to the law of supply and demand; every con- sumer has only one budget constraint; all agents are perfectly informed; no actions are taken by agents before a vector of prices has been found such that all markets clear. Indeed, when all markets clear every agent can implement her/his chosen (opti- mal) action and nobody is urged to change his/her decisions. Under these assumptions it is generally said that in a (one pe- riod, competitive) general equilibrium model there is no place for money. The present monograph takes general equilibrium as the ba- sis on which to build the model presented. But its first aim is to completely dispense with the Walrasian auctioneer by giving firms the task of choosing their output price~ period after period.

Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
ISBN: 9783540581024
Number of pages: 167
Weight: 294 g
Dimensions: 235 x 155 x 10 mm
Edition: Softcover reprint of the original 1st ed. 199

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