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General Equilibrium:Theory and Evidence

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  • W D A Bryant

    (Macquarie University, Australia)

Abstract

General Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: ‘Does the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence — and if so, how is that achieved?’ This is always an apt question, but particularly so given the ‘Global Financial Crisis’ that emerged from the operation of market economies in the Americas and Europe in mid to late 2008.

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  • W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, September.
  • Handle: RePEc:wsi:wsbook:6875
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    11. Giménez, Eduardo L., 2022. "Offer curves and uniqueness of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 98(C).
    12. Gauger, Jean Ann, 1984. "Three essays on the neutrality of anticipated money growth," ISU General Staff Papers 198401010800008758, Iowa State University, Department of Economics.
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    Keywords

    General Equilibrium; Existence; Uniqueness; Stability; Optimality; Comparative Statics; Empirical Implications;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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