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A Simple General Equilibrium Model

In: Applied General Equilibrium

Author

Listed:
  • Manuel Alejandro Cardenete

    (University Pablo de Olavide Economics)

  • Ana-Isabel Guerra

    (University Pablo de Olavide Economics)

  • Ferran Sancho

    (Universitat Autònoma de Barcelona Economics)

Abstract

The model we describe in this chapter is a skeleton model upon which more in depth specifications will be developed later. Our purpose is to lay out in a very transparent way the main structure of the basic model and we do so by omitting almost all the details that would play a significant role in dealing with real life policy applications. The simple model corresponds to an economy with no government and no foreign trade. The absence of government means that no economic activity is taxed and no government spending is allowed. In a similar vein, all goods are produced and consumed within the country with no domestic goods being diverted abroad as exports and no foreign goods being hauled into the country as imports. The only economic agents are households (or consumers) and firms (or producers).

Suggested Citation

  • Manuel Alejandro Cardenete & Ana-Isabel Guerra & Ferran Sancho, 2012. "A Simple General Equilibrium Model," Springer Texts in Business and Economics, in: Applied General Equilibrium, chapter 3, pages 21-39, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-24746-0_3
    DOI: 10.1007/978-3-642-24746-0_3
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