General Equilibrium: Theory And Evidence

General Equilibrium: Theory And Evidence

by William David Anthony Bryant
     
 

ISBN-10: 9812818340

ISBN-13: 9789812818348

Pub. Date: 10/08/2009

Publisher: World Scientific Publishing Company, Incorporated

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

Overview

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.

Product Details

ISBN-13:
9789812818348
Publisher:
World Scientific Publishing Company, Incorporated
Publication date:
10/08/2009
Pages:
492
Product dimensions:
6.10(w) x 9.00(h) x 1.30(d)

Table of Contents

Preface v

Acknowledgements vii

Chapter 1 General Equilibrium Theory: An Overview 1

Chapter 2 Existence of Equilibrium: Sufficient Conditions 19

Chapter 3 Existence of Equilibrium: Necessary Conditions 73

Chapter 4 Equilibrium and Irreducibility: Some Empirical Evidence 99

Chapter 5 Existence of Equilibrium Under Alternative Income Conditions 122

Chapter 6 Existence of Walrasian Equilibrium in Some Non-Arrow-Debreu Environments 155

Chapter 7 Uniqueness of Equilibrium 173

Chapter 8 Stability of Equilibrium 209

Chapter 9 Optimality of Equilibrium 262

Chapter 10 Comparative Statics of Equilibrium States 303

Chapter 11 Empirical Evidence on General Equilibrium 365

Chapter 12 General Equilibrium Theory in Retrospect 424

References 435

Index 477

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