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The Flawed Foundations Of General Equilibrium Theory
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Book Synopsis The Flawed Foundations of General Equilibrium Theory by : Frank Ackerman
Download or read book The Flawed Foundations of General Equilibrium Theory written by Frank Ackerman and published by Routledge. This book was released on 2004-06-24 with total page 237 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.
Book Synopsis The Flawed Foundations of General Equilibrium Theory by : Frank Ackerman
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:
Book Synopsis The Flawed Foundations of General Equilibrium by :
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.
Book Synopsis General Equilibrium by : W. D. A. Bryant
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: 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."
Book Synopsis Some Aspects of the Foundations of General Equilibrium Theory by : P.J. Kalman
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.
Book Synopsis General Equilibrium Foundation of Partial Equilibrium Analysis by : Takashi Hayashi
Download or read book General Equilibrium Foundation of Partial Equilibrium Analysis written by Takashi Hayashi and published by Springer. This book was released on 2017-07-27 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the gaps in undergraduate teaching of partial equilibrium analysis, providing a general equilibrium viewpoint to illustrate the assumptions underlying partial equilibrium welfare analysis. It remains unexplained, at least at the level of general economics teaching, in what sense partial equilibrium analysis is indeed a part of general equilibrium analysis. Partial equilibrium welfare analysis isolates a market for a single commodity from the rest of the economy, presuming that other things remain equal, and measures gains and losses by means of consumer surplus. This is a money metric that is supposed to be summable across individuals, recommending policy that maximizes the social surplus. But what justifies such apparently uni-dimensional practise? Within a general equilibrium framework, the assumption of no income effect is presented as the key condition, and substantive general equilibrium situations in which the condition emerges are presented. The analysis is extended to the case of uncertainty, in which the practice adopts aggregate expected consumer surplus, and scrutinizes when such practice is justified. Finally, the book illustrates partial equilibrium as an institutional artifact, meaning that institutional constraint induces individuals to behave as if they are in partial equilibrium. This volume forms an important contribution to the literature by researching why this disparity persists and the implications for economics education.
Book Synopsis Foundations of the Theory of General Equilibrium by : Yves Balasko
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:
Download or read book General Equilibrium written by Frank Hahn and published by Routledge. This book was released on 2003-09-02 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate. General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.
Book Synopsis The Flawed Foundations of General Equilibrium Theory by : Frank Ackerman
Download or read book The Flawed Foundations of General Equilibrium Theory written by Frank Ackerman and published by Routledge. This book was released on 2004-06-24 with total page 418 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 resea
Book Synopsis The Foundations of Computable General Equilibrium Theory by : Kumaraswamy Velupillai
Download or read book The Foundations of Computable General Equilibrium Theory written by Kumaraswamy Velupillai and published by . This book was released on 2005 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Some aspects of the foundations of general equilibrium theory - the posthmous papers of peter j. Kalman by : Jerry Green
Download or read book Some aspects of the foundations of general equilibrium theory - the posthmous papers of peter j. Kalman written by Jerry Green and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Some aspects of the foundations of general equilibrium theory: The posthumous papers of Peter J. Kalman by : Peter J. Kalman
Download or read book Some aspects of the foundations of general equilibrium theory: The posthumous papers of Peter J. Kalman written by Peter J. Kalman and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Classical General Equilibrium Theory by : Lionel W. McKenzie
Download or read book Classical General Equilibrium Theory written by Lionel W. McKenzie and published by National Geographic Books. This book was released on 2005-08-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the 1930s and 1940s. This book focuses on the version of the theory developed in the second half of the twentieth century, referred to by Lionel McKenzie as the classical general equilibrium theory. McKenzie offers detailed and rigorous treatment of the classical model, giving step-by-step proofs of the basic theorems. In many cases he elaborates on the individual steps to give a fuller understanding of the underlying principles. His goal is to provide readers with a true mastery of the methodology so that they can derive new results that will further enrich their thinking about general equilibrium theory. Special attention is given to the McKenzie model, in which it is not assumed that the number of firms is given but rather that technologies or activities are available to any agents who can supply the resources they require. The McKenzie model is used to establish the turnpike theorems of optimal and competitive capital accumulation.
Book Synopsis General Equilibrium Analysis by : Pascal Bridel
Download or read book General Equilibrium Analysis written by Pascal Bridel and published by Routledge. This book was released on 2013-03-01 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2010 marks the hundredth anniversary of the death of Léon Walras, the brilliant originator and first formaliser of general equilibrium theory – one of the pillars of modern economic theory. In advancing much derided practical solutions Walras also displayed more concern for the problems of living in a second best world than is common in modern pure theories of the invisible hand, efficient market hypothesis, DSGE macroeconomics or the thinking of some contemporary free market admirers all based on general equilibrium theory. This book brings contributions from the likes of Kenneth Arrow, Alan Kirman, Richard Posner, Amartya Sen and Robert Solow to share their thoughts and reflections on the theoretical heritage of Léon Walras. Some authors reminisce on the part they played in the development of modern general economics theory; others reflect on the crucial part played by general equilibrium in the development of macroeconomics, microeconomics, growth theory, welfare economics and the theory of justice; others still complain about the wrong path economic theory took under the influence of post 1945 developments in general equilibrium theory.
Book Synopsis General Equilibrium Theory by : E. Roy Weintraub
Download or read book General Equilibrium Theory written by E. Roy Weintraub and published by . This book was released on 1974 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advances in General Equilibrium Theory by : Donald Anthony Walker
Download or read book Advances in General Equilibrium Theory written by Donald Anthony Walker and published by Edward Elgar Publishing. This book was released on 1997 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: After discussing shortcomings in the work of some contemporary theorists, Walker (economics, Indiana U.) offers a new approach to the construction of general equilibrium models. He discusses the meaning of perfect competition and the features of markets that give rise to it, the differences between virtual models and those in which disequilibrium transactions and production occur, the implications of determinacy for modeling, and the dependence of general equilibrium on the path that is followed in disequilibrium. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis General Equilibrium Theory - Walras Versus Post-Walras Economists: "Finding Equilibrium" - Losing Economics by : Ezra Davar
Download or read book General Equilibrium Theory - Walras Versus Post-Walras Economists: "Finding Equilibrium" - Losing Economics written by Ezra Davar and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that the post-Walras general equilibrium theory is irrelevant to real contemporary economic life. The main achievement of modern General Equilibrium Theory is the proof of equilibrium's existence. It might be that the proof of the equilibrium existence is a mathematical achievement, but the question is whether these proofs are harmonious with the economic situation in reality. This paper traces concisely how Walras's theory has been became causing economic science to deviate in an erroneous direction and reaching a deep crisis; because post-Walras's economists, since Pareto, have misunderstood and misinterpreted Walras's economic theory. This group of Post-Walras authors (Pareto, Cassel, Schlesinger, Wald, and von-Neumann, Hicks, Keynes, Lange, and Patinkin) then recast Walras's theory into incorrect and wrong form; their error further compounded when a later group of economist-mathematicians (Arrow, Debreu, Friedman, Samuelson, Solow and others) accepted their interpretation without reservation. Post-Walras's economists ignore Walras's less known assumptions and blame him for disregarding the problem of equilibrium existence, uniqueness and stability and comparative-static. Therefore, their main objective since the beginning of the 20th century was the rigorous proof of equilibrium existence. However, this proof was based on unrealistic assumptions and along the road the goal of economics was lost. The nine crucial, unrealistic assumptions will be considered and will illustrate that modern general equilibrium theory is irrelevant to real economics and is also far removed from Walras's general equilibrium theory.
