Download or read book The Flawed Foundations of General Equilibrium Theory written by Frank Ackerman and published by Routledge. This book was released on 2004-06-24 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and researchers in economics and related social science disciplines.

Download or read book The Flawed Foundations of General Equilibrium Theory written by Frank Ackerman and published by . This book was released on 2004 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Flawed Foundations of General Equilibrium written by and published by Psychology Press. This book was released on 2004 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does economic theory, and its many practical applications, rest on concrete foundations? Given the influence and prestige afforded to orthodox economic policy advice, apparently the answer is a resounding "yes". Economists Frank Ackerman and Alejandro Nadal present a fundamental challenge to this received wisdom, demonstrating that neither the abstractions of general equilibrium nor their real-world consequences, stand up to logical scrutiny. Themes critically analyzed in this book include: * Economics' assumptions about consumer behavior * Individual choices and the role of money * The Application of economic theory to current debates in globalization, trade and development. The Flawed Foundations of General Equilibrium Theory shows that there are fatal flaws in the standard theoretical model of a market economy. As such it will be an enlightening read for economists throughout the world of all persuasions.

Download or read book General Equilibrium written by W. D. A. Bryant and published by World Scientific. This book was released on 2010 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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."

Download or read book General Equilibrium Foundation of Partial Equilibrium Analysis written by Takashi Hayashi and published by Springer. This book was released on 2017-07-27 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the gaps in undergraduate teaching of partial equilibrium analysis, providing a general equilibrium viewpoint to illustrate the assumptions underlying partial equilibrium welfare analysis. It remains unexplained, at least at the level of general economics teaching, in what sense partial equilibrium analysis is indeed a part of general equilibrium analysis. Partial equilibrium welfare analysis isolates a market for a single commodity from the rest of the economy, presuming that other things remain equal, and measures gains and losses by means of consumer surplus. This is a money metric that is supposed to be summable across individuals, recommending policy that maximizes the social surplus. But what justifies such apparently uni-dimensional practise? Within a general equilibrium framework, the assumption of no income effect is presented as the key condition, and substantive general equilibrium situations in which the condition emerges are presented. The analysis is extended to the case of uncertainty, in which the practice adopts aggregate expected consumer surplus, and scrutinizes when such practice is justified. Finally, the book illustrates partial equilibrium as an institutional artifact, meaning that institutional constraint induces individuals to behave as if they are in partial equilibrium. This volume forms an important contribution to the literature by researching why this disparity persists and the implications for economics education.

Download or read book Foundations of the Theory of General Equilibrium written by Yves Balasko and published by . This book was released on 1986 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book General Equilibrium Theory And Evidence written by William David Anthony Bryant and published by World Scientific. This book was released on 2009-10-07 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Some Aspects of the Foundations of General Equilibrium Theory written by Peter Jason Kalman and published by . This book was released on 1978 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Some Aspects of the Foundations of General Equilibrium Theory written by Peter Jason Kalman and published by Springer. This book was released on 1978 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Flawed Foundations of General Equilibrium Theory written by Frank Ackerman and published by Routledge. This book was released on 2004-06-24 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and resea

Download or read book The Foundations of Computable General Equilibrium Theory written by Kumaraswamy Velupillai and published by . This book was released on 2005 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book General Equilibrium Theory written by Ross M. Starr and published by Cambridge University Press. This book was released on 2011-04-25 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium Theory: An Introduction presents the mathematical economic theory of price determination and resource allocation from elementary to advanced levels, suitable for advanced undergraduates and graduate students of economics. This Arrow–Debreu model (known for two of its most prominent founders, both Nobel Laureates) is the basis of modern price theory and of a wide range of applications. The new edition updates discussion throughout and expands the number and variety of exercises. It offers a revised and extended treatment of core convergence, including the case of non-convex preferences, and introduces the investigation of approximate equilibrium with U-shaped curves and non-convex preferences.

Download or read book General Equilibrium Analysis written by Pascal Bridel and published by Routledge. This book was released on 2013-03-01 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Some aspects of the foundations of general equilibrium theory the posthmous papers of peter j Kalman written by Jerry Green and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book General Equilibrium Theory written by E. Roy Weintraub and published by . This book was released on 1974 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Some aspects of the foundations of general equilibrium theory The posthumous papers of Peter J Kalman written by Peter J. Kalman and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Advances in General Equilibrium Theory written by Donald Anthony Walker and published by Edward Elgar Publishing. This book was released on 1997 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: After discussing shortcomings in the work of some contemporary theorists, Walker (economics, Indiana U.) offers a new approach to the construction of general equilibrium models. He discusses the meaning of perfect competition and the features of markets that give rise to it, the differences between virtual models and those in which disequilibrium transactions and production occur, the implications of determinacy for modeling, and the dependence of general equilibrium on the path that is followed in disequilibrium. Annotation copyrighted by Book News, Inc., Portland, OR