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Books > Business & Economics > Economics > Macroeconomics
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General Equilibrium: Theory And Evidence (Hardcover)
Loot Price: R4,683
Discovery Miles 46 830
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General Equilibrium: Theory And Evidence (Hardcover)
Expected to ship within 12 - 17 working days
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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: 'Does the
pursuit of private interest, through a system of interconnected
deregulated markets, lead not to chaos but to coherence - and if
so, how is that achieved?' This is always an apt question, but
particularly so given the 'Global Financial Crisis' 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 -
neither by proponents of, or antagonists to, the 'free market
position'. Consequently, this book attempts to show something of
what General Equilibrium Theory has to say about the wisdom or
otherwise of always relying on 'market forces' to manage complex
socio-economic systems.
General
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