Disequilibrium Foundations of Equilibrium Economics

By:

Franklin M. Fisher

Format:

Paperback / softback

Series:

Econometric Society Monographs

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Description

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 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.

Release date NZ

March 31st, 1989

Author

Franklin M. Fisher

Audience

Professional & Vocational

Illustrations

Worked examples or Exercises

Pages

252

Series

Econometric Society Monographs

Dimensions

152x229x15

ISBN-13

9780521378567

Product ID

2159515

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