The Flawed Foundations Of General Equilibrium Theory

Author : Frank Ackerman
Publisher : Routledge
ISBN 13 : 1135997373
Total Pages : 240 pages
Book Rating : 4.73/5 ( download)

DOWNLOAD NOW!

Download or read book The Flawed Foundations of General Equilibrium Theory written by Frank Ackerman and published by Routledge. This book was released on 2004-08-02 with total page 240 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.

Author : Frank Ackerman
Publisher :
ISBN 13 :
Total Pages : 220 pages
Book Rating : 4.01/5 ( download)

DOWNLOAD NOW!

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:

Author :
Publisher : Psychology Press
ISBN 13 : 9780415700016
Total Pages : 220 pages
Book Rating : 4.19/5 ( download)

DOWNLOAD NOW!

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.

Author : W. D. A. Bryant
Publisher : World Scientific
ISBN 13 : 9812818340
Total Pages : 492 pages
Book Rating : 4.48/5 ( download)

DOWNLOAD NOW!

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: "This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. It also explores the question of the empirical relevance of equilibrium states. It highlights a series of 'relationship conditions' which are essential for the existence of equilibrium, but appear in optimality results." -- PUBLISHER WEBSITE.

Author : Yves Balasko
Publisher : World Scientific
ISBN 13 : 9814651729
Total Pages : 280 pages
Book Rating : 4.21/5 ( download)

DOWNLOAD NOW!

Download or read book Foundations of the Theory of General Equilibrium written by Yves Balasko and published by World Scientific. This book was released on 2016-05-11 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic theory of general equilibrium underpins the most important models used in economic theory in general and in its more specialized areas such as macroeconomics, international trade, environmental economics, growth theory, and developmental economics. In Foundations of the Theory of General Equilibrium, leading academic scholar, Yves Balasko offers a good introduction to the economic theory of general equilibrium and makes use of various mathematical tools as intuitive and easy as possible. The second half of the book addresses properties of the general equilibrium model that are still at the frontier of current research. These properties deal with the characterization of economies with a unique equilibrium and, more generally, with the relationships between the number of equilibria and the fundamentals of an economy. Contents:The Exchange ModelA Simple Linear Version of the Exchange ModelThe Exchange Model with Two Goods and Two ConsumersConsumer TheoryThe Equilibrium ManifoldThe Natural ProjectionEquilibrium Analysis for Fixed Total ResourcesThe Natural Projection and Envelope TheoryA Duality TheorySeveral Extensions of the General Equilibrium Model Readership: Graduate students in mathematics who want to specialize in economics and mathematical economics; researchers and professionals who will find in this book a detailed account of some of the most current developments of a difficult but essential theory.

Author : P.J. Kalman
Publisher : Springer Science & Business Media
ISBN 13 : 364295331X
Total Pages : 174 pages
Book Rating : 4.16/5 ( download)

DOWNLOAD NOW!

Download or read book Some Aspects of the Foundations of General Equilibrium Theory written by P.J. Kalman and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Thorsten Hens
Publisher : Springer Science & Business Media
ISBN 13 : 1475753179
Total Pages : 313 pages
Book Rating : 4.72/5 ( download)

DOWNLOAD NOW!

Download or read book General Equilibrium Foundations of Finance written by Thorsten Hens and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to give a sound economic foundation of finance. Finance is a coherent branch of applied economics that is designed to understand financial markets in order to give advice for practical financial decisions. This book argues that for a sound economic foundation of finance the famous general equilibrium model which in its modern form emphasizes the incompleteness of financial markets is well suited. The aim of the book is to demonstrate that financial markets can be meaningfully embedded into a more general system of markets including, for example, commodity markets. The interaction of these markets can be described via the well known notion of a competitive equilibrium. We argue that for a sound foundation this competitive equilibrium should be unique. In a first step we demonstrate that this essential goal cannot of be achieved based only on the rationality principle, i. e. on the assumption utility maximization of some utility function subject to the budget constraint. In particular we show that this important lack of structure is disturbing as well for the case of mean-variance utility functions which are the basis of the Capital Asset Pricing Model, one of the cornerstones of finance. The final goal of our book is to give reasonable restrictions on the agents' utility functions which lead to a well determined financial markets model.

Author : Peter Jason Kalman
Publisher :
ISBN 13 : 9783642953323
Total Pages : 184 pages
Book Rating : 4.28/5 ( download)

DOWNLOAD NOW!

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:

Author : Takashi Suzuki
Publisher : World Scientific
ISBN 13 : 981121963X
Total Pages : 436 pages
Book Rating : 4.34/5 ( download)

DOWNLOAD NOW!

Download or read book Fundamentals Of General Equilibrium Analysis written by Takashi Suzuki and published by World Scientific. This book was released on 2020-09-03 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this book is to incorporate Marshallian ideas such as external increasing returns and monopolistic competitions into the general equilibrium framework of Walrasian tradition. New chapters and sections have been added to this revised and expanded edition of General Equilibrium Analysis of Production and Increasing Returns (World Scientific, 2009).The new material includes a presentation of equilibrium existence and core equivalence theorems for an infinite horizon economy with a measure space of consumers. These results are currently the focus of extensive studies by mathematical theorists, and are obtained by an application of an advanced mathematical concept called saturated (super-atomless) measure space.The second major change is the inclusion of a simple toy model of a liberal society which implements the difference principle proposed by J Rawls as a principle of distributive justice. This new section opens up a possibility to connect theoretical economics and political philosophy.Thirdly, the author presents the marginal cost pricing equilibrium and discusses welfare properties of the external increasing returns, which also belong to Marshall/ Pigou tradition of the Cambridge school.Finally, a new mathematical appendix treats basics of singular homology theory. Although the fixed point theorem is originally a theorem of algebraic topology, most economic students know its proof only in the context of the differentiable manifold theory presented by J Milnor. Considering the significance of the fixed point theorem and its playing a key role in general equilibrium theory, the purpose of this new appendix is to provide readers with the idea of a proof of Brower's fixed point theorem from the 'right place'.This volume will be helpful for graduate students and researchers of mathematical economics, game theory, and microeconomics.

Author : Yves Balasko
Publisher :
ISBN 13 :
Total Pages : 358 pages
Book Rating : 4.72/5 ( download)

DOWNLOAD NOW!

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: