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Disequilibrium Foundations of Equilibrium Economics : Econometric Society Monographs - Franklin M. Fisher

Disequilibrium Foundations of Equilibrium Economics

Econometric Society Monographs

Paperback

Published: 31st July 1989
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The most common mode of analysis in economic theory is to assume equilibrium. Yet, without a proper theory of how economies behave in disequilibrium, there is no foundation for such a practice. The necessary step in proposing a foundation is the formulation of a theory of stability, and Professor Fisher is primarily concerned with this subject, although disequilibrium behavior itself is analyzed. The author first undertakes a review of the existing literature on the stability of general equilibrium. He then proposes a more satisfactory general model in which agents realize their state of disequilibrium and act on arbitrage opportunities. The interrelated topics of the role of money, the nature of quantity constraints, and the optimal behaviour of arbitraging agents are extensively treated.

Acknowledgments
Introduction: disequilibrium analysis and the theory of value
Methods and Problems of the General Equilibrium Stability Literature
The development of the stability literature
Hahn Process models: formal treatment
A Model of Disequilibrium with Arbitraging Agents
Allowing disequilibrium awareness
The theory of the individual agent
Transaction difficulties, individual price offers, and monopoly power
Walras' Law and the properties of equilibrium
Dynamics and stability
Concluding thoughts
Appendix
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521378567
ISBN-10: 0521378567
Series: Econometric Society Monographs
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 252
Published: 31st July 1989
Publisher: CAMBRIDGE UNIV PR
Country of Publication: GB
Dimensions (cm): 22.86 x 15.24  x 1.45
Weight (kg): 0.37