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Advances in General Equilibrium Theory (Hardcover)
Loot Price: R3,020
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Advances in General Equilibrium Theory (Hardcover)
Series: The Hennipman Lectures
Expected to ship within 12 - 19 working days
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Advances in General Equilibrium Theory presents a new approach to
the construction of general equilibrium models. It considers the
methods that should be adapted and some of the principal subjects
with which general equilibrium modelling should be concerned in
order to convert it into a useful body of knowledge. The book
examines from new perspectives the major questions that have
concerned general equilibrium theorists during this century,
including the characteristics of perfect competition and the
existence, uniqueness and stability of economic equilibrium. The
author develops the concept of models as functioning systems,
identifies the differences between models and equation systems and
discusses the implications of the differences between mathematical
methods and economic determinacy. He demonstrates that the
treatment of perfect competition has been deeply flawed, that
modern general equilibrium models are not functioning systems, that
many equation systems in the literature are not supported by
underlying models, and that models which would justify these
equations are either improbable or inconceivable. In conclusion,
Professor Walker indicates how these perspectives can be used to
develop a new general equilibrium model, and presents an outline of
its content. Advances in General Equilibrium Theory will be of
special interest to microeconomists and those interested in
economic methodology and general equilibrium modelling.
General
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