ENGLISH

Disequilibrium Foundations of Equilibrium Economics

By Franklin M. Fisher

Book information

Publisher
Cambridge University Press
Year
1983
ISBN
0521242649, 9780521242646
Language
english
Format
PDF
Filesize
4 MB (4005964 bytes)
Series
Econometric Society Monographs
Edition
1
Pages
256\252
Time added
2017-05-01 07:21:34
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Description

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 first step in such a foundation is a theory of stability, and this book is primarily concerned with that subject. The author first reviews the older literature on the stability of general equilibrium and goes on to consider a more satisfactory general model in which agents realize that they are in disequilibrium and act on arbitrage opportunities. Topics explored along the way include optimal arbitrage behavior, the relation of perceived monopoly power to quantity constraints, and the role of money.

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