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Exploring General Equilibrium (Paperback)
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Exploring General Equilibrium (Paperback)
Series: The MIT Press
Expected to ship within 10 - 15 working days
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An incisive, unconventional assessment of general equilibrium
theory; with a previously unpublished paper. Fischer Black is known
for his brilliance as well as his sometimes controversial opinions.
Highly respected for his scholarly writings in finance, he now
moves into different territory with this incisive, unconventional
assessment of general equilibrium theory and what that theory
reveals about business cycles, growth, and labor economics. The
general equilibrium approach, Black asserts, can be used to explain
most of the economy's behavior. It can explain business cycles and
growth without using sticky prices, irrationality, economies of
scale, or imperfect competition. It can explain the volatility of
consumption, output, sales, investment, and inventories with
axiomatic utility and constant-returns-to-scale production. It can
explain temporary layoffs, job changes with and without intervening
unemployment, and the behavior of vacancies. It can explain lower
wages in part-time jobs, wages that increase rapidly with time on
the job, and the forces that cause migration from poor to rich
countries. Although the general equilibrium approach can't be
tested in conventional ways, it can be used to generate examples
that explain stylized facts-generalized observations from the real
world-that have preoccupied macroeconomists for the last decade.
Black contrasts his interpretation of these facts with conventional
interpretations. Finally, he reviews a substantial body of
literature on these topics.
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