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General Equilibrium
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ISBN13: 9781788210416
Publisher: Agenda Publishing
Published: Nov 28 2019
Pages: 176
Weight: 0.60
Height: 0.50 Width: 6.10 Depth: 9.20
Language: English
The theory of general equilibrium offers a simplified guide to how real economies function: it describes how price, demand, supply and production interact in multiple markets and tend towards a state of equilibrium. The first attempt to model this interaction was made in the late nineteenth century, but it remained a largely theoretical exercise until the computer age, when large amounts of data could be processed to model national economies on an unprecedented scale.
Written for students taking courses in economic theory and modelling who have relatively limited mathematical proficiency, the book fills a gap between forbidding technical expositions and the less rigorous elementary ones. As a masterly summation of developments in equilibrium theory by one of the subject's leading figures, it will also be welcomed by economists working across applied and computable general equilibrium analysis.
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