General Equilibrium

Theory And Evidence

By: William David Anthony Bryant

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Hardcover | 18 October 2009

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492 Pages

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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.

Industry Reviews

One of the great strengths of the book is the careful theoretical treatment that is motivated by and constantly connected to real-world problems. Overall, this is an excellent and valuable book. It is not only a comprehensive and careful statement of the assumptions and results obtainable from the core general equilibrium model. -- The Economic Society of Australia "The Economic Society of Australia"

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Non-Fiction Science Science in General Economics Macroeconomics Economic Theory & Philosophy Econometrics Mathematics Microeconomics Booktopia Publisher Services World Scientific Publishing

Preface	p. v
Acknowledgements	p. vii
General Equilibrium Theory: An Overview	p. 1
Existence of Equilibrium: Sufficient Conditions	p. 19
Existence of Equilibrium: Necessary Conditions	p. 73
Equilibrium and Irreducibility: Some Empirical Evidence	p. 99
Existence of Equilibrium Under Alternative Income Conditions	p. 122
Existence of Walrasian Equilibrium in Some Non-Arrow-Debreu Environments	p. 155
Uniqueness of Equilibrium	p. 173
Stability of Equilibrium	p. 209
Optimality of Equilibrium	p. 262
Comparative Statics of Equilibrium States	p. 303
Empirical Evidence on General Equilibrium	p. 365
General Equilibrium Theory in Retrospect	p. 424
References	p. 435
Index	p. 477
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General Equilibrium

Theory And Evidence

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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