Profits in (Partial) Equilibrium and (General) Disequilibrium
AbstractIn a many-sector production economy where each sectorâ€™s output is used as input for every sector, a general equilibrium implies zero profit for everyone, whereas one market in excess demand implies positive profits for all others in their partial equilibrium. If more than one market is stuck in excess demand, every market allows positive profits.
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Bibliographic InfoPaper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number 201208.
Date of creation: 01 Jul 2012
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Walras' Law; Input-Output; Sectoral Disequilibria; Profits;
Find related papers by JEL classification:
- D59 - Microeconomics - - General Equilibrium and Disequilibrium - - - Other
- E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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