General Equilibrium Theory of Value

2011 ◽  
Author(s):  
Yves Balasko
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Equilibrium Model ◽  
Supply And Demand ◽  
General Equilibrium Model ◽  
Standard Theory ◽  
Equilibrium Solutions ◽  
General Equilibrium Theory ◽  
Multiple Markets ◽  
Theory Of Value

The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production. This book offers an extensive, up-to-date look at the standard theory of general equilibrium, to which the author has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. The book examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. It applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary. The book offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.

scholarly journals Über Geld und Geldtheorien

2001 ◽  
Vol 31 (123) ◽  
pp. 227-243
Author(s):  
Victoria Chick
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Equilibrium Model ◽  
General Equilibrium Model ◽  
Monetary Theory ◽  
Historical Time ◽  
Social Relevance ◽  
Circular Flow ◽  
Flow Theories

Different ways of studying monetary theory are discussed. Chick compares the roles and functions, money acquires in the neoclassical general equilibrium model, in Keynesian as well as in circular flow theories. She argues in favour of an economic theory, which is open to historical time and the evolution of institutions. Otherwise economic theory will be depleted of social relevance.

New Economic Geography: What about the N?

10.1068/a3730 ◽  
2005 ◽  
Vol 37 (10) ◽  
pp. 1707-1725 ◽  
Author(s):  
Gianmarco I P Ottaviano ◽  
Jacques-François Thisse
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Policy Analysis ◽  
Economic Geography ◽  
Equilibrium Model ◽  
Location Theory ◽  
General Equilibrium Model ◽  
New Economic Geography ◽  
Mainstream Economic ◽  
Long Time

Since its very appearance, probably thanks to its provocative name, new economic geography (NEG) has stirred a debate on whether it is economic geography proper or rather geographical economics. In both cases, its real novelty has been questioned. We focus on this last issue. In particular, we argue that many NEG ideas have been around for a long time in the works of economic geographers and location theorists. However, NEG has the fundamental merit of having framed those ideas within a general equilibrium model encompassing most of these ideas. This has drawn economic geography and location theory from the periphery to the center of mainstream economic theory. More importantly, it has made already existing ideas more amenable to empirical scrutiny and policy analysis.

Some Developments in Economic Theory Since 1940: An Eyewitness Account

2010 ◽  
pp. 4-23 ◽  
Author(s):  
K. Arrow
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Economics Of Information ◽  
Modern Economic ◽  
Eyewitness Account ◽  
Theory Uncertainty ◽  
Professional Formation

The article considers the evolution of some branches of modern economic theory from the perspective of the authors biography as a scientist and his professional formation. It describes problems of econometrics, general equilibrium theory, uncertainty, economics of information, and growth. It is shown how different authors representing various fields came to similar conclusions simultaneously and independently, what were the problems, in response to which economists of the second half of last century developed their theories, and what were the contexts of such development.

Comments on "Shadow Pricing and Macroeconomic Analysis: Some Illustrations from Pakistan" by Squire et al.

1979 ◽  
Vol 18 (2) ◽  
pp. 113-115
Author(s):  
T. N. Srinivasan
Keyword(s):  
General Equilibrium ◽  
Equilibrium Model ◽  
General Equilibrium Model ◽  
Equilibrium Analysis ◽  
Partial Equilibrium ◽  
Shadow Prices ◽  
Essential Point ◽  
Economic Issues ◽  
Shadow Pricing ◽  
Extreme Sensitivity

The paper is too long for conveying the message that shadow pricing used as a method of analysis in micro-economic issues of project selection is also useful for analysing macro-economic issues, such as foreign and domestic borrowing by the government, emigration, etc. Much of the methodological discussion in the paper is available in a readily accessible form in several publications of each of the coauthors; In contrast, the specific application of the methodology to Pakistani problems is much too cavalier. While it is hard to disagree with the authors' claim that shadow pricing "constitutes a relatively informal attempt to capture general equilibrium effects" (p. 89, emphasis added), their depiction of traditional analysis is a bit of a caricature: essentially it sets up a strawman to knock down. After all in the traditional partial equilibrium analysis, the caveat is always entered that the results are possibly sensitive to violation of the ceteris paribus assumptions of the analysis, though often the analysts will claim that extreme sensitivity is unlikely. Analogously, the shadow pricing method presumes "stationarity" of shadow prices in the sense that they are “independent of policy changes under review" (p. 90). The essential point to be noted is that the validity of this assertion or of the "not too extreme sensitivity" assertion of partial equilibrium analysts can be tested only with a full scale general equilibrium model! At any rate this reviewer would not pose the issue as one of traditional partial equilibrium macro-analysis versus shadow pricing as an approximate general equilibrium analysis, but would prefer a description of project analysis as an approach in which a macro-general equilibrium model of a manageable size (implicit or explicit) is used to derive a set of key shadow prices which are then used in a detailed micro-analysis of projects.

Is the RCEP a Cornerstone or Just Collaboration? Regional General Equilibrium Model Based on GAMS

2020 ◽  
Vol 24 (1) ◽  
pp. 171-207
Author(s):  
Yosri Nasr Ahmed ◽  
Huang Delin ◽  
Benito Giovanni Reeberg ◽  
Victor Shaker
Keyword(s):  
General Equilibrium ◽  
Equilibrium Model ◽  
General Equilibrium Model ◽  
Model Based
Sign in / Sign up

Export Citation Format

Share Document