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What is general equilibrium theory?
What is general equilibrium analysis?
Why did Walras develop the general equilibrium theory?
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5 days ago · General equilibrium theory, or Walrasian general equilibrium, attempts to explain the functioning of the macroeconomy as a whole, rather than as collections of individual market phenomena....
4 days ago · Indeterminacy and Multiple Equilibria in Economics. The indeterminacy school in macroeconomics exploits the fact that macroeconomic models often display multiple equilibria to understand real-world phenomena. Economists have long argued that business cycles are driven by shocks to the productivity of labor and capital.
2 days ago · Equilibrium is a state where all the forces within the system are balanced. When at a state of equilibrium, barring external forces, the state is stable and will remain unchanged. In neoclassical thought, equilibriums are thought to be self-regulating and homeostatic.
4 days ago · International Economic Review is an economics journal publishing papers in topics across the field, from economic theory to econometrics and applied economics. Abstract We study endogenous intermediation activity, the implied transaction pattern—direct trade, indirect trade, or both—and implications for efficiency.
4 days ago · Suppliers offer the same price demanded by consumers in a perfectly competitive market. This creates economic equilibrium.
23 hours ago · We develop general equilibrium models that incorporate an agricultural equipment sector to explore the impact of climate change on skilled-unskilled wage inequality in a small open economy, with a specific focus on the role of the domestic capital market. In the model with the agricultural equipment sector using skilled labor as input, we illustrate that climate change decreases both skilled and unskilled wages. However, its effect on wage inequality varies depending on the discrepancy of ...
4 days ago · Price theory concludes that the price demanded by consumers is the same as that supplied by producers in a perfectly competitive market. This results in economic equilibrium.
