What is General Equilibrium Theory
In economics, the general equilibrium theory seeks to explain the behavior of supply, demand, and prices in a whole economy that contains several or many markets that interact with one another. This is accomplished by attempting to demonstrate that the interaction of demand and supply will result in an overall general equilibrium. The theory of general equilibrium stands in contrast to the theory of partial equilibrium, which performs an analysis of a particular component of an economy while maintaining the status quo for all other aspects of the economy. Constant influences are deemed to be noneconomic, or, to put it another way, thought to be beyond the scope of economic study, when the economy is described as being in general equilibrium. The noneconomic impacts, on the other hand, are subject to change in response to changes in the economic factors; hence, the accuracy of the forecast made by an equilibrium model may be contingent on the independence of the economic components from the noneconomic ones.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: General equilibrium theory
Chapter 2: Neoclassical economics
Chapter 3: Perfect competition
Chapter 4: Léon Walras
Chapter 5: Welfare economics
Chapter 6: Gérard Debreu
Chapter 7: Edgeworth box
Chapter 8: Arrow-Debreu model
Chapter 9: Fundamental theorems of welfare economics
Chapter 10: Walrasian auction
Chapter 11: Walras's law
Chapter 12: David Cass
Chapter 13: Sonnenschein-Mantel-Debreu theorem
Chapter 14: Lionel W. McKenzie
Chapter 15: Competitive equilibrium
Chapter 16: Mathematical economics
Chapter 17: Roy Radner
Chapter 18: Jacques Drèze
Chapter 19: Disequilibrium macroeconomics
Chapter 20: Excess demand function
Chapter 21: Abstract economy
(II) Answering the public top questions about general equilibrium theory.
(III) Real world examples for the usage of general equilibrium theory in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of General Equilibrium Theory.
