The Concept of Equilibrium in Different Economic Traditions

The Concept of Equilibrium in Different Economic Traditions

Author: Bert Tieben

Publisher: Edward Elgar Publishing

Published: 2012-07-01

Total Pages: 689

ISBN-13: 1781953511

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'Bert Tieben is very well read in the history of economic thought and provides an overview of one of the basic concepts of economics that is unrivalled both in its scope and in its thoughtful and detailed discussion of the various currents and schools. It goes right to the heart of economic theory and asks some pertinent questions about the limits and the future of economic theorizing. That is, I think, what sets it apart from many other studies in the history of economic thought: it is history with an eye to the future, and it does all this without making any demands on the mathematical skills of the reader. This book should therefore appeal to everybody who is interested in the methodology of economics and in exploring the boundaries of economic analysis.' Hans Visser, VU University, Amsterdam, The Netherlands This book deals with one of the most puzzling concepts in economic science, that of economic equilibrium. In modern economics, equilibrium is considered a key assumption, but its role is contested by economists both from within the mainstream and from rival schools of thought. What explains the contradictory assessments of the equilibrium concept in economics? Do economists belonging to different traditions disagree about the definition of equilibrium or do they adopt different rules for assessing scientific status? In this unique and exhaustive study, Bert Tieben answers these questions by investigating the history of equilibrium economics from 1700 to the present day. He concludes that ideology strongly coloured the development of this branch of theory, helping to explain the vehemence of the debates surrounding the concept. He also argues that scientific progress in economics may indeed be fostered by such opposition and contention, and calls for cross fertilization and stronger cooperation between the different schools of thought. This resourceful book will appeal to post graduate students and scholars in the history of economic thought and economic methodology. Both neoclassical and heterodox economists, most notably Austrian, post Keynesian and institutional economists, will also find much to interest them.


Book Synopsis The Concept of Equilibrium in Different Economic Traditions by : Bert Tieben

Download or read book The Concept of Equilibrium in Different Economic Traditions written by Bert Tieben and published by Edward Elgar Publishing. This book was released on 2012-07-01 with total page 689 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Bert Tieben is very well read in the history of economic thought and provides an overview of one of the basic concepts of economics that is unrivalled both in its scope and in its thoughtful and detailed discussion of the various currents and schools. It goes right to the heart of economic theory and asks some pertinent questions about the limits and the future of economic theorizing. That is, I think, what sets it apart from many other studies in the history of economic thought: it is history with an eye to the future, and it does all this without making any demands on the mathematical skills of the reader. This book should therefore appeal to everybody who is interested in the methodology of economics and in exploring the boundaries of economic analysis.' Hans Visser, VU University, Amsterdam, The Netherlands This book deals with one of the most puzzling concepts in economic science, that of economic equilibrium. In modern economics, equilibrium is considered a key assumption, but its role is contested by economists both from within the mainstream and from rival schools of thought. What explains the contradictory assessments of the equilibrium concept in economics? Do economists belonging to different traditions disagree about the definition of equilibrium or do they adopt different rules for assessing scientific status? In this unique and exhaustive study, Bert Tieben answers these questions by investigating the history of equilibrium economics from 1700 to the present day. He concludes that ideology strongly coloured the development of this branch of theory, helping to explain the vehemence of the debates surrounding the concept. He also argues that scientific progress in economics may indeed be fostered by such opposition and contention, and calls for cross fertilization and stronger cooperation between the different schools of thought. This resourceful book will appeal to post graduate students and scholars in the history of economic thought and economic methodology. Both neoclassical and heterodox economists, most notably Austrian, post Keynesian and institutional economists, will also find much to interest them.

Foundations of the Theory of General Equilibrium

Foundations of the Theory of General Equilibrium

Author: Yves Balasko

Publisher: World Scientific

Published: 2016-05-11

Total Pages: 280

ISBN-13: 9814651729

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The economic theory of general equilibrium underpins the most important models used in economic theory in general and in its more specialized areas such as macroeconomics, international trade, environmental economics, growth theory, and developmental economics. In Foundations of the Theory of General Equilibrium, leading academic scholar, Yves Balasko offers a good introduction to the economic theory of general equilibrium and makes use of various mathematical tools as intuitive and easy as possible. The second half of the book addresses properties of the general equilibrium model that are still at the frontier of current research. These properties deal with the characterization of economies with a unique equilibrium and, more generally, with the relationships between the number of equilibria and the fundamentals of an economy. Contents:The Exchange ModelA Simple Linear Version of the Exchange ModelThe Exchange Model with Two Goods and Two ConsumersConsumer TheoryThe Equilibrium ManifoldThe Natural ProjectionEquilibrium Analysis for Fixed Total ResourcesThe Natural Projection and Envelope TheoryA Duality TheorySeveral Extensions of the General Equilibrium Model Readership: Graduate students in mathematics who want to specialize in economics and mathematical economics; researchers and professionals who will find in this book a detailed account of some of the most current developments of a difficult but essential theory.


Book Synopsis Foundations of the Theory of General Equilibrium by : Yves Balasko

Download or read book Foundations of the Theory of General Equilibrium written by Yves Balasko and published by World Scientific. This book was released on 2016-05-11 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic theory of general equilibrium underpins the most important models used in economic theory in general and in its more specialized areas such as macroeconomics, international trade, environmental economics, growth theory, and developmental economics. In Foundations of the Theory of General Equilibrium, leading academic scholar, Yves Balasko offers a good introduction to the economic theory of general equilibrium and makes use of various mathematical tools as intuitive and easy as possible. The second half of the book addresses properties of the general equilibrium model that are still at the frontier of current research. These properties deal with the characterization of economies with a unique equilibrium and, more generally, with the relationships between the number of equilibria and the fundamentals of an economy. Contents:The Exchange ModelA Simple Linear Version of the Exchange ModelThe Exchange Model with Two Goods and Two ConsumersConsumer TheoryThe Equilibrium ManifoldThe Natural ProjectionEquilibrium Analysis for Fixed Total ResourcesThe Natural Projection and Envelope TheoryA Duality TheorySeveral Extensions of the General Equilibrium Model Readership: Graduate students in mathematics who want to specialize in economics and mathematical economics; researchers and professionals who will find in this book a detailed account of some of the most current developments of a difficult but essential theory.

Equilibrium and Economic Theory

Equilibrium and Economic Theory

Author: Giovanni Alfredo Caravale

Publisher: Routledge

Published: 2002-09-11

Total Pages: 264

ISBN-13: 1134764367

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This book considers the treatment of equilibrium by several of the most important schools of thought in economics, including: * neoclassical economics, * the neo-Ricardian economics, * Post-Keynesian economics - both those who follow Joan Robinson in denying any interpretative role to equilibrium in economic theorizing and those who use the notion of equilibrium, but re-defined from a Classical or Keynesian perspective.


Book Synopsis Equilibrium and Economic Theory by : Giovanni Alfredo Caravale

Download or read book Equilibrium and Economic Theory written by Giovanni Alfredo Caravale and published by Routledge. This book was released on 2002-09-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the treatment of equilibrium by several of the most important schools of thought in economics, including: * neoclassical economics, * the neo-Ricardian economics, * Post-Keynesian economics - both those who follow Joan Robinson in denying any interpretative role to equilibrium in economic theorizing and those who use the notion of equilibrium, but re-defined from a Classical or Keynesian perspective.

Equilibrium in Economics

Equilibrium in Economics

Author: Valeria Mosini

Publisher: Routledge

Published: 2008-01-07

Total Pages: 311

ISBN-13: 1134165870

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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.


Book Synopsis Equilibrium in Economics by : Valeria Mosini

Download or read book Equilibrium in Economics written by Valeria Mosini and published by Routledge. This book was released on 2008-01-07 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Theory of General Economic Equilibrium

The Theory of General Economic Equilibrium

Author: Andreu Mas-Colell

Publisher: Cambridge University Press

Published: 1985

Total Pages: 396

ISBN-13: 9780521388702

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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.


Book Synopsis The Theory of General Economic Equilibrium by : Andreu Mas-Colell

Download or read book The Theory of General Economic Equilibrium written by Andreu Mas-Colell and published by Cambridge University Press. This book was released on 1985 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Evolutionary Foundations of Equilibria in Irrational Markets

Evolutionary Foundations of Equilibria in Irrational Markets

Author: Guo Ying Luo

Publisher: Springer Science & Business Media

Published: 2011-11-19

Total Pages: 207

ISBN-13: 1461407125

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One of the core building blocks of traditional economic theory is the concept of equilibrium, a state of the world in which economic forces are balanced and in the absence of external influences the values of economic variables remain static. Many traditional equilibrium models, or equilibria, are established based on the rational behavior of individuals within financial markets, such as traders, market analysts, and investing firms, and their ability to maximize profits, no matter the cost. Yet what happens when these market participants behave in an irrational manner, and how does this impact economic equilibria? Contemporary economists have agreed that a process similar to Darwin’s Theory of Natural Selection takes over, whereby equilibria are shaped not by the behavior of individual participants but by an environment outside its control (i.e., an environment with little concern for maximizing profits). It is an environment in which those “selected” produce positive financial gains, but have no regard for how it was obtained or underlying motivations—and those participants suffering losses disappear altogether. Evolutionary Foundations of Equilibria in Irrational Markets proves traditional economic equilibria continue to occur despite natural selection in irrational markets. It covers a wide sampling of equilibria under various scenarios, and each chapter addresses the results of these models at an aggregate level. The text is supplemented with charts and figures to drive home key findings and proofs, making it of interest to students and researchers in the areas of economics and behavioral finance.


Book Synopsis Evolutionary Foundations of Equilibria in Irrational Markets by : Guo Ying Luo

Download or read book Evolutionary Foundations of Equilibria in Irrational Markets written by Guo Ying Luo and published by Springer Science & Business Media. This book was released on 2011-11-19 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the core building blocks of traditional economic theory is the concept of equilibrium, a state of the world in which economic forces are balanced and in the absence of external influences the values of economic variables remain static. Many traditional equilibrium models, or equilibria, are established based on the rational behavior of individuals within financial markets, such as traders, market analysts, and investing firms, and their ability to maximize profits, no matter the cost. Yet what happens when these market participants behave in an irrational manner, and how does this impact economic equilibria? Contemporary economists have agreed that a process similar to Darwin’s Theory of Natural Selection takes over, whereby equilibria are shaped not by the behavior of individual participants but by an environment outside its control (i.e., an environment with little concern for maximizing profits). It is an environment in which those “selected” produce positive financial gains, but have no regard for how it was obtained or underlying motivations—and those participants suffering losses disappear altogether. Evolutionary Foundations of Equilibria in Irrational Markets proves traditional economic equilibria continue to occur despite natural selection in irrational markets. It covers a wide sampling of equilibria under various scenarios, and each chapter addresses the results of these models at an aggregate level. The text is supplemented with charts and figures to drive home key findings and proofs, making it of interest to students and researchers in the areas of economics and behavioral finance.

A Dictionary of Economics

A Dictionary of Economics

Author: John Black

Publisher: Oxford University Press, USA

Published: 2009

Total Pages: 505

ISBN-13: 9780199237043

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Title on cover: Oxford dictionary of economics.


Book Synopsis A Dictionary of Economics by : John Black

Download or read book A Dictionary of Economics written by John Black and published by Oxford University Press, USA. This book was released on 2009 with total page 505 pages. Available in PDF, EPUB and Kindle. Book excerpt: Title on cover: Oxford dictionary of economics.

Equilibrium and Disequilibrium in Economic Theory

Equilibrium and Disequilibrium in Economic Theory

Author: G. Schwödiauer

Publisher: Springer

Published: 1977-12-31

Total Pages: 792

ISBN-13: 9789027707383

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This volume is the result of a conference held at the Institute for Advanced Studies, Vienna. There is still a gap reflected both in fundamental meth odological differences and in the style of analysis between the Walrasian (and Edgeworthian) tradition of general equilibrium theory and the theo retical and policy problems raised in the framework of Keynesian and post-Keynesian macroeconomics. The conference succeeded in bringing together economic theorists working in fields ranging from abstract prob lems of mathematical equilibrium analysis to applied macroeconomic theory, and it is hoped that the present volume will contribute to bridging the above-mentioned hiatus. As organizer of the meeting and editor of its proceedings I want to thank the Institute for Advanced Studies for providing facilities and funds. I am also sincerely grateful to all my colleagues from the Institute for their generous help, in particular to Mrs Monika Herkner without whose assistance and organizational talent the conference would certainly not have been the success it in fact - in the opinion of all participants - turned out to have been. Furthermore, I wish to express my gratitude towards all participants in the meeting and contributors to the volume whose patient support of the whole enterprise proved indispensable. To Mrs Elfriede Auracher I am deeply indebted for her skillful and effective general management of the editorial work and her invaluable assistance in compiling the indexes.


Book Synopsis Equilibrium and Disequilibrium in Economic Theory by : G. Schwödiauer

Download or read book Equilibrium and Disequilibrium in Economic Theory written by G. Schwödiauer and published by Springer. This book was released on 1977-12-31 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the result of a conference held at the Institute for Advanced Studies, Vienna. There is still a gap reflected both in fundamental meth odological differences and in the style of analysis between the Walrasian (and Edgeworthian) tradition of general equilibrium theory and the theo retical and policy problems raised in the framework of Keynesian and post-Keynesian macroeconomics. The conference succeeded in bringing together economic theorists working in fields ranging from abstract prob lems of mathematical equilibrium analysis to applied macroeconomic theory, and it is hoped that the present volume will contribute to bridging the above-mentioned hiatus. As organizer of the meeting and editor of its proceedings I want to thank the Institute for Advanced Studies for providing facilities and funds. I am also sincerely grateful to all my colleagues from the Institute for their generous help, in particular to Mrs Monika Herkner without whose assistance and organizational talent the conference would certainly not have been the success it in fact - in the opinion of all participants - turned out to have been. Furthermore, I wish to express my gratitude towards all participants in the meeting and contributors to the volume whose patient support of the whole enterprise proved indispensable. To Mrs Elfriede Auracher I am deeply indebted for her skillful and effective general management of the editorial work and her invaluable assistance in compiling the indexes.

General Equilibrium Analysis

General Equilibrium Analysis

Author: Harry G. Johnson

Publisher: Routledge

Published: 2017-07-12

Total Pages: 330

ISBN-13: 1351518011

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This is a new kind of textbook in microeconomic theory. In place of the usual concentration on partial equilibrium analysis and discussion of a standard series of topics, the authors seek to introduce the student from the start to the general equilibrium approach to microeconomics, in the form of the two-sector model. This model is then applied to a variety of subjects in different special fields of economic analysis: welfare economics, international trade, public finance and income distribution. This book represents a very different approach to the teaching of micro-economic theory than normally followed, and one that will be of greater long-run value to the serious student of economics. In place of the usual textbook development of the subject as traditionally conceived through topics of increasing complexity and analytical difficulty, using partial equilibrium techniques of analysis, the book concentrates on the exposition and application of a more logically integrated set of tools that have been found of greater use in the analysis of problems arising not only in traditional micro-economics but also in a number of fields of economics that have customarily been hived off into separate specialized advanced courses. General Equilibrium Analysis starts with the description of the two-sector model and how these two sectors are built based on the individual micro-units in which they made up of and how they fit into the concept of the circular flow of income. Subsequent chapters deal with the evaluation of changes in factor endowment, demand preferences and technical progress by means of the model; and the theory of government, which includes both the theory of government expenditure, or public goods, and the theory of government tax and/or subsidy programmes-changes in budgetary scale, tax substitution and expenditure substitution. The model is then extended to an open economy-the so-called "two by two by two"--to consider both the normative effect of inte


Book Synopsis General Equilibrium Analysis by : Harry G. Johnson

Download or read book General Equilibrium Analysis written by Harry G. Johnson and published by Routledge. This book was released on 2017-07-12 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a new kind of textbook in microeconomic theory. In place of the usual concentration on partial equilibrium analysis and discussion of a standard series of topics, the authors seek to introduce the student from the start to the general equilibrium approach to microeconomics, in the form of the two-sector model. This model is then applied to a variety of subjects in different special fields of economic analysis: welfare economics, international trade, public finance and income distribution. This book represents a very different approach to the teaching of micro-economic theory than normally followed, and one that will be of greater long-run value to the serious student of economics. In place of the usual textbook development of the subject as traditionally conceived through topics of increasing complexity and analytical difficulty, using partial equilibrium techniques of analysis, the book concentrates on the exposition and application of a more logically integrated set of tools that have been found of greater use in the analysis of problems arising not only in traditional micro-economics but also in a number of fields of economics that have customarily been hived off into separate specialized advanced courses. General Equilibrium Analysis starts with the description of the two-sector model and how these two sectors are built based on the individual micro-units in which they made up of and how they fit into the concept of the circular flow of income. Subsequent chapters deal with the evaluation of changes in factor endowment, demand preferences and technical progress by means of the model; and the theory of government, which includes both the theory of government expenditure, or public goods, and the theory of government tax and/or subsidy programmes-changes in budgetary scale, tax substitution and expenditure substitution. The model is then extended to an open economy-the so-called "two by two by two"--to consider both the normative effect of inte

Metaphors in the History of Economic Thought

Metaphors in the History of Economic Thought

Author: Roberto Baranzini

Publisher: Taylor & Francis

Published: 2022-08-25

Total Pages: 299

ISBN-13: 1000638456

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Metaphors in the History of Economic Thought: Crises, Business Cycles and Equilibrium explores the evolution of economic theorizing through the lens of metaphors. The edited volume sheds light on metaphors which have been used by a range of key thinkers and schools of thought to describe economic crises, business cycles and economic equilibrium. Structured in three parts, the book examines an array of metaphors ranging from mechanics, waves, storms, medicine and beyond. The international panel of contributors focuses primarily on economic literature up to the Second World War, knowing again that the use of metaphors in economic work has seen a resurgence since the 1980s. This work will be of interest to advanced students and researchers in the history of economic thought, and economics and language.


Book Synopsis Metaphors in the History of Economic Thought by : Roberto Baranzini

Download or read book Metaphors in the History of Economic Thought written by Roberto Baranzini and published by Taylor & Francis. This book was released on 2022-08-25 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Metaphors in the History of Economic Thought: Crises, Business Cycles and Equilibrium explores the evolution of economic theorizing through the lens of metaphors. The edited volume sheds light on metaphors which have been used by a range of key thinkers and schools of thought to describe economic crises, business cycles and economic equilibrium. Structured in three parts, the book examines an array of metaphors ranging from mechanics, waves, storms, medicine and beyond. The international panel of contributors focuses primarily on economic literature up to the Second World War, knowing again that the use of metaphors in economic work has seen a resurgence since the 1980s. This work will be of interest to advanced students and researchers in the history of economic thought, and economics and language.