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The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium

Author

Listed:
  • Yves Balasko

    () (University of York)

Abstract

In The Equilibrium Manifold, noted economic scholar and major contributor to the theory of general equilibrium Yves Balasko argues that, contrary to what many textbooks want readers to believe, the study of the general equilibrium model did not end with the existence and welfare theorems of the 1950s. These developments, which characterize the modern phase of the theory of general equilibrium, led to what Balasko calls the postmodern phase, marked by the reintroduction of differentiability assumptions and the application of the methods of differential topology to the study of the equilibrium equation. Balasko's rigorous study demonstrates the central role played by the equilibrium manifold in understanding the properties of the Arrow-Debreu model and its extensions. Balasko argues that the tools of differential topology articulated around the concept of equilibrium manifold offer powerful methods for studying economically important issues, from existence and uniqueness to business cycles and economic fluctuations. After an examination of the theory of general equilibrium's evolution in the hundred years between Walras and Arrow-Debreu, Balasko discusses the properties of the equilibrium manifold and the natural projection. He highlights the important role of the set of no-trade equilibria, the structure of which is applied to the global structure of the equilibrium manifold. He also develops a geometric approach to the study of the equilibrium manifold. Applications include stability issues of adjustment dynamics for out-of-equilibrium prices, the introduction of price-dependent preferences, and aspects of time and uncertainty in extensions of the general equilibrium model that account for various forms of market frictions and imperfections. Special effort has been made at reducing the mathematical technicalities without compromising rigor. The Equilibrium Manifold makes clear the ways in which the postmodern developments of the Arrow-Debreu model improve our understanding of modern market economies. Arne Ryde Memorial Lecture Series

Suggested Citation

  • Yves Balasko, 2009. "The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026546.
  • Handle: RePEc:mtp:titles:0262026546
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    Citations

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    Cited by:

    1. Pascal Stiefenhofer, 2009. "Production in General Equilibrium with Incomplete Markets," Discussion Papers 09/06, Department of Economics, University of York.
    2. Balasko, Yves, 2012. "On the stability of nonsunspot equilibria," Journal of Economic Theory, Elsevier, vol. 147(2), pages 526-544.
    3. D. Wade Hands, 2012. "The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect," Chapters,in: Microfoundations Reconsidered, chapter 3 Edward Elgar Publishing.
    4. Pascal Stiefenhofer, 2011. "Equilibrium Structure of Production Economies with Uncertainty: The Natural Projection Approach," Discussion Papers 11/07, Department of Economics, University of York.
    5. Accinelli, Elvio & Covarrubias, Enrique, 2015. "Evolution in a Walrasian setting," MPRA Paper 64736, University Library of Munich, Germany.
    6. Herbert Gintis & Antoine Mandel, 2012. "The Stability of Walrasian General Equilibrium," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00748215, HAL.
    7. Eric Kemp-Benedict, 2012. "Price and Quantity Trajectories: Second-order Dynamics," Papers 1204.3156, arXiv.org.
    8. Mandel, Antoine & Gintis, Herbert, 2016. "Decentralized Pricing and the equivalence between Nash and Walrasian equilibrium," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 84-92.

    More about this item

    Keywords

    general equilibrium; equilibrium manifold;

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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