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Models as Economies

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  • Townsend, Robert M

Abstract

The distinction between actual economies and stylized general equilibrium models is no t sharp. General equilibrium models with such key elements as uncerta inty, spatial separation, private information, limited communication, and limited commitment provide a catalogue that one can use to inter pret actual economies. Further, a general equilibrium model can provi de a framework one can use to trace out the logic of some premise for joint, economy-wide phenomena, a web to tie together seemingly unrel ated observations. Also, in tolerating wide variations in environment s, general equilibrium models provide laboratories one can use to con duct relatively inexpensive policy experiments. Copyright 1987 by Royal Economic Society.

Suggested Citation

  • Townsend, Robert M, 1987. "Models as Economies," Economic Journal, Royal Economic Society, vol. 98(390), pages 1-24, Supplemen.
  • Handle: RePEc:ecj:econjl:v:98:y:1987:i:390:p:1-24
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    Cited by:

    1. Joseph G. Haubrich, 1995. "Imperfect state verification and financial contracting," Working Paper 9506, Federal Reserve Bank of Cleveland.
    2. Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 274-298, April.

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