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Economics without Equilibrium
This book contains lectures delivered at Yale University in October, 1983, in memory of Arthur M. Okun, showing how Lord Kaldor relates his own views of economic process to those of Okun, particularly the theory of markets set in Okun's magnum opus, Prices and Quantities, posthumously published.
Finding Equilibrium
The remarkable story and personalities behind one of the most important theories in modern economics Finding Equilibrium explores the post–World War II transformation of economics by constructing a history of the proof of its central dogma—that a competitive market economy may possess a set of equilibrium prices. The model economy for which the theorem could be proved was mapped out in 1954 by Kenneth Arrow and Gerard Debreu collaboratively, and by Lionel McKenzie separately, and would become widely known as the "Arrow-Debreu Model." While Arrow and Debreu would later go on to win separate Nobel prizes in economics, McKenzie would never receive it. Till Düppe and E. Roy Weintraub explor...
The Foundations of Non-Equilibrium Economics
This thought-provoking volume seeks to answer some of the ultimate economic questions in terms of a theory that emerged with Adam Smith and is now come to full fruition; the principle of circular and cumulative causation (CCC) This full-fledged theoretical framework explains the whole interplay of technology, firms, resources, culture, institutions and economic policy to understand the basic drives behind modern day economic dynamics.
The Equilibrium Economics of Leon Walras
The authors examine Walras' general equilibrium models, tracing their development through his major work Elements of Pure Economics, and also placing them in the broader context of his design for optimal economic order.
Disequilibrium Foundations of Equilibrium Economics
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 in this 1984 book, 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.
Complementarity, Equilibrium, Efficiency and Economics
In complementarity theory, which is a relatively new domain of applied mathematics, several kinds of mathematical models and problems related to the study of equilibrium are considered from the point of view of physics as well as economics. In this book the authors have combined complementarity theory, equilibrium of economical systems, and efficiency in Pareto's sense. The authors discuss the use of complementarity theory in the study of equilibrium of economic systems and present results they have obtained. In addition the authors present several new results in complementarity theory and several numerical methods for solving complementarity problems associated with the study of economic equilibrium. The most important notions of Pareto efficiency are also presented. Audience: Researchers and graduate students interested in complementarity theory, in economics, in optimization, and in applied mathematics.
General Equilibrium and Welfare Economics
This book offers the basic grasp of general equilibrium theory that is a fundamental background for advanced work in virtually any sub-field of economics, and the thorough understanding of the methods of welfare economics, particularly in a general equilibrium context, that is indispensable for undertaking applied policy analysis. The book uses extensive examples, both simple ones intended to bolster basic concepts, and those illustrating application of the material to economics in practice.
Disequilibrium Foundations of Equilibrium Economics
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 in this 1984 book, 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.
The Theory of General Economic Equilibrium
This book brings together the author's pioneering work, written over the last twenty years, on the use of differential methods in general equilibrium theory.
Equilibrium in Economics
General Equilibrium Theory, which became the dominating paradigm after the Second World War, is founded on the postulated existence, uniqueness, and stability of equilibrium in economic processes. Since then, the concept has come under sustained attack from all points of the heterodox compass, from Austrian economists to Marxists. Partly in response to these pressures, mainstream economics has changed and moved away from the rigid framework of GET. Nonetheless, economists are continually arguing in terms of equilibrium and the existence of a variety of equilibrium concepts continues to stir controversy. The contributions in this book, which include articles from Tony Lawson, Ivor Grattan-Guinness and Roger Backhouse, highlight current notions of equilibrium in economics and provide a guide to understanding the links between economic theory and economic reality.
