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The Dynamics of General Equilibrium

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Author Info
Herbert Gintis

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Abstract

The Walrasian general equilibrium model is the centrepiece of modern economic theory, but progress in understanding its dynamical properties has been meagre. This article shows that the instability of Walras' tâtonnement process is due to the public nature of prices, which leads to excessive correlation in the behaviour of economic agents. When prices are private information, a dynamic with a globally stable stationary state obtains in economies that are unstable in the tâtonnment process. We provide an agent-based model of a multi-sector Walrasian economy with production and exchange, in which prices are private information. This economy is dynamically well behaved. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0297.2007.02083.x
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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 117 (2007)
Issue (Month): 523 (October)
Pages: 1280-1309
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Handle: RePEc:ecj:econjl:v:117:y:2007:i:523:p:1280-1309

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  1. Ennio Bilancini & Fabio Petri, 2008. "A Comment On Gintis's "The Dynamics of General Equilibrium"," Economics Bulletin, Economics Bulletin, vol. 2(3), pages 1-7. [Downloadable!]
  2. Ennio Bilancini & Fabio Petri, 2008. "The Dynamics of General Equilibrium: A Comment on Professor Gintis," Department of Economics University of Siena 538, Department of Economics, University of Siena. [Downloadable!]
  3. Werner Neu, 2008. "Making economic sense of brain models: a survey and interpretation of the literature," Journal of Bioeconomics, Springer, vol. 10(2), pages 165-192, August. [Downloadable!] (restricted)
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This page was last updated on 2009-11-12.

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