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Temporary Equilibrium and Long-Run Equilibrium (Routledge Revivals) (Paperback)
Loot Price: R1,322
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Temporary Equilibrium and Long-Run Equilibrium (Routledge Revivals) (Paperback)
Series: Routledge Revivals
Expected to ship within 12 - 17 working days
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This title, first published in 1979, presents the Ph.D. thesis of
the world-renowned economist and financial expert, Willem Buiter.
In Part I, three alternative specifications of temporary equilibria
in asset markets, including their implications for macroeconomic
models, are discussed; Part II examines the long-term implications
of some short-term macroeconomic models. The analysis of the
theoretical foundations of 'direct crowding out' and 'indirect
crowding out' is particularly prominent, with the result that a
synthesis of short-term macroeconomic analysis and long-term growth
theory is formulated. The traditional tools of comparative dynamics
and stability analysis are employed frequently. However, it is also
argued that the true scope of government policy can only be
adequately evaluated with the aid of concepts such as dynamic and
static controllability. Temporary Equilibrium and Long-Run
Equilibrium is a valuable study, and relevant for all serious
students of modern economic theory.
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