Conclusions

Abstract

Part II of the study contains the analytical results on economic evolutions that were conceptualized in Part I. Exploiting the unifying constructions in Part I, we have shown in the present part of the book that any admissible evolution possesses a geometrically well-behaved equilibrium path, or at least a well-behaved approximating path in the equilibrium correspondence. Using an approach tht is completely different from the one used here, A. Mas-Colell (1985) has independently shown this result for the basic set-up of a large exchange economy. In addition, we have given a sufficient algebraic criterion for identifying points on equilibrium paths for any given evolution. Both results heavily rely on results from one-parametrized algebraic fixed-point theory.