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Imperfect General Equilibrium

The Economy as an Evolutionary Process: Individualistic, Discrete, Deterministic

  • Pier Carlo Nicola

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 415)

Table of contents

  1. Front Matter
    Pages i-xi
  2. Pier Carlo Nicola
    Pages 1-20
  3. Pier Carlo Nicola
    Pages 21-42
  4. Pier Carlo Nicola
    Pages 43-54
  5. Pier Carlo Nicola
    Pages 55-68
  6. Pier Carlo Nicola
    Pages 69-76
  7. Pier Carlo Nicola
    Pages 77-91
  8. Pier Carlo Nicola
    Pages 93-99
  9. Pier Carlo Nicola
    Pages 101-127
  10. Pier Carlo Nicola
    Pages 129-139
  11. Pier Carlo Nicola
    Pages 141-144
  12. Back Matter
    Pages 145-172

About this book

Introduction

Economic theory of the last fifty years has been dominated by the paradigm of General Equilibrium Theory, based on the scientific work of Walras-Pareto-Cassel-Wald-Hicks-Arrow-De­ breu-McKenzie. Some of its grounding assumptions are: all prices are fully flexible; an auctioneer appropriately manipulates all prices according to the law of supply and demand; every con­ sumer has only one budget constraint; all agents are perfectly informed; no actions are taken by agents before a vector of prices has been found such that all markets clear. Indeed, when all markets clear every agent can implement her/his chosen (opti­ mal) action and nobody is urged to change his/her decisions. Under these assumptions it is generally said that in a (one pe­ riod, competitive) general equilibrium model there is no place for money. The present monograph takes general equilibrium as the ba­ sis on which to build the model presented. But its first aim is to completely dispense with the Walrasian auctioneer by giving firms the task of choosing their output price~ period after period.

Keywords

Overlapping Generations Simulationen Temporary General (Dis-)equilibrium Temporäres allgemeines (Un-)Gleichgewicht equilibrium general equilibrium simulations Überlappende Generationen

Authors and affiliations

  • Pier Carlo Nicola
    • 1
  1. 1.Department of Mathematics “Federigo Enriques”University of MilanMilanItaly

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-48399-8
  • Copyright Information Springer-Verlag Berlin Heidelberg 1994
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-540-58102-4
  • Online ISBN 978-3-642-48399-8
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site
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