Theory of General Economic Equilibrium - 1st Edition - ISBN: 9780125750400, 9781483268927

Theory of General Economic Equilibrium

1st Edition

Authors: Trout Rader
eBook ISBN: 9781483268927
Imprint: Academic Press
Published Date: 28th January 1972
Page Count: 382
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Theory of General Economic Equilibrium provides information pertinent to the general economic equilibrium theory. This book covers a variety of topics, including efficiency, economic systems analysis, welfare economics, and international trade.

Organized into three parts encompassing eight chapters, this book begins with an overview of the theory of efficient production and growth where consumer preferences play a subordinate role. This text then examines that for the case where preferences satisfy appropriate conditions, efficiency theory is superseded as normative analysis by optimality theory. Other chapters consider the optimization of consumer preferences that leads to the decline of many families. This book discusses as well the existence of equilibrium, which is of importance to both normative and positive economics. The final chapter deals with the question of the speed with which the economic system attains its equilibrium state, which is assumed to be stationary.

This book is a valuable resource for professional economists and advanced graduate students in economics.

Table of Contents



List of Special Definitions

List of Notational Conventions and Basic Symbols

Part I Welfare

Chapter 1. Efficiency

1. Existence of Efficient Paths

2. von Neumann Growth

3. t-State Efficient Paths and von Neumann's Path

4. Dominance and the I.E. Path

5. Overtaking and Golden Ages

6. Minkowski's Theorem in ∞-Space

7. Short-Run Prices

8. Long-Run Prices

Chapter 2. Optimality

1. Economic Systems Analysis

2. Social Orderings and Welfare Functions

3. Partial Social Orderings

4. Social Choice for a Decomposable Environment

5. Quasi-Transferable Preferences in an Exchange Economy

6. Pairwise Optimality

7. The Separation of Production and Consumption

8. Competitive Equilibrium as an Economic System

9. Classical Welfare Economics

10. Neoclassical Welfare Economics

11. Compensation in a Small Country

12. Compensation in a Large Country


Part II Statics

Chapter 3. Bargaining

1. The Generalized Core

2. Coalition Probabilities

3. The Nash Law of Division

4. Solutions for Some Three-Person Games

5. Solutions in Large Markets

Chapter 4. General Equilibrium

1. Existence of Competitive Equilibrium I

2. Continuity of Excess Demand

3. Convex-Valued Excess Demand

4. Existence of Competitive Equilibrium II

5. Existence of General Equilibrium

6. Competitive and Cournot Groups

7. A Theory of Cournot Oligopoly

8. Local Uniqueness of Equilibrium

9. Absolute Continuity of Excess Demand

Chapter 5. Macrostatics

1. The Correspondence Principle

2. A Small Country in International Trade

3. Comparative Statics of Supply

4. Factor Price Equalization

5. Conservation Laws and Gross Substitution

6. Comparative Statics under Competition I

7. Comparative Statics under Competition II

Part III Dynamics

Chapter 6. Classical Dynamics

1. Dynamics for a Small Country in International Trade

2. Consumer Choice over Time

3. Stationary States

4. Limiting States

5. Extensions and Generalizations

Chapter 7. Adjustment Dynamics

1. Price Adjustment

2. Marshallian and Keynesian Price Quantity Adjustment

3. Utility Adjustment

4. Asset-Price Adjustment

5. Assets in Price Dynamics

6. Applications: Relative and Absolute Prices

7. On Reconciliation with Classical Economics

Chapter 8. Stabilization

1. Initial Price Dynamics

2. Initial Speed of Adjustment

3. Ultimate Rate of Adjustment

4. Distributive Speeds of Response

5. Market Stabilization

6. Limitations on Stability in the Price-Asset Adjustment System

7. Stationarity versus Stabilization


Author Index

Subject Index


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© Academic Press 1972
Academic Press
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About the Author

Trout Rader

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