Advances in General Equilibrium Theory

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