Books
Fouad Sabry

General Equilibrium Theory

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.
762 printed pages
Original publication
2024
Publication year
2024
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