The Flawed Foundations of General Equilibrium Theory - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Flawed Foundations of General Equilibrium Theory write by Frank Ackerman. This book was released on 2004-06-24. The Flawed Foundations of General Equilibrium Theory available in PDF, EPUB and Kindle. 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.
The Flawed Foundations of General Equilibrium Theory
The Flawed Foundations of General Equilibrium Theory - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Flawed Foundations of General Equilibrium Theory write by Frank Ackerman. This book was released on 2004. The Flawed Foundations of General Equilibrium Theory available in PDF, EPUB and Kindle.
The Flawed Foundations of General Equilibrium
The Flawed Foundations of General Equilibrium - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Flawed Foundations of General Equilibrium write by . This book was released on 2004. The Flawed Foundations of General Equilibrium available in PDF, EPUB and Kindle. 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.
General Equilibrium
General Equilibrium - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook General Equilibrium write by W. D. A. Bryant. This book was released on 2010. General Equilibrium available in PDF, EPUB and Kindle. 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."
Some Aspects of the Foundations of General Equilibrium Theory
Some Aspects of the Foundations of General Equilibrium Theory - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Some Aspects of the Foundations of General Equilibrium Theory write by P.J. Kalman. This book was released on 2012-12-06. Some Aspects of the Foundations of General Equilibrium Theory available in PDF, EPUB and Kindle. In a wide number of economic problems the equilibrium values of the variables can be regarded as solutions of a parametrized constrained maximization problem. This occurs in static as well as dynamic models; in the latter case the choice variables are often paths in certain function spaces and thus can be regarded as points in infinite dimensional spaces. It is sometimes possible to determine qualitative properties of the solutions with respect to changes in the parameters of the model. The study of such properties is often called comparative statics; [15], [2], and [10]. Certain comparative static properties of the maxima have proven to be of particular importance for economic theory, since the works of Slutsky, Hicks, and Samuelson [15]: they have been for- lated in terms of synunetry and negative semidefiniteness of a matrix, called the Slutsky-Hicks-Samuelson matrix. A discussion of this matrix and its applications is given in Section 1. The study of these properties in economic theory, however, has so far been restricted to static models where the choice variable and the parameters are elements in Euclidean spaces, and where there is only one constraint.
