General Equilibrium: Theory and Evidence

Hardcover (Print)
Buy New
Buy New from
Used and New from Other Sellers
Used and New from Other Sellers
from $142.02
Usually ships in 1-2 business days
(Save 15%)
Other sellers (Hardcover)
  • All (7) from $142.02   
  • New (6) from $146.10   
  • Used (1) from $142.02   

More About This Textbook


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 conditionally 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.

Read More Show Less

Product Details

  • ISBN-13: 9789812818348
  • Publisher: World Scientific Publishing Company, Incorporated
  • Publication date: 10/7/2009
  • 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

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)