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Interregional Computable General Equilibrium Models

In: Tool Kits in Regional Science

Author

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  • Eduardo Haddad

    (University of São Paulo, University of Illinois)

Abstract

The theory of general equilibrium in economics has its origin in the work of the classical economists. The perception of its most important implication, that competitive markets can achieve an allocation of resources that is efficient in some sense, is present in Adam Smith’s The Wealth of Nations, 1776. Although Leon Walras (1874) and Edgeworth (1881) are considered to be the precursors of the theory, as we know it today, many other authors are recognized to have contributed to its theoretical development. Thomas Malthus, David Ricardo and John Stuart Mill can be regarded as early expositors of general equilibrium theory while Stanley Jevons and Carl Menger also contributed to the development of important neoclassical elements present in the general equilibrium theory. Modern theorists of general equilibrium did not emerge until the 1930s. The main issues examined related to the existence, uniqueness and stability of equilibrium, and comparative statics. The classic works by Debreu (1959) and Arrow and Hahn (1971) formalized the main results of the field and established general equilibrium as a recognized field in economics. (For an historical introduction to the development of general equilibrium analysis, see Arrow & Hahn, 1971; for recent developments, see Eatwell, Milgate, & Newman, 1989; and Starr, 2001)

Suggested Citation

  • Eduardo Haddad, 2009. "Interregional Computable General Equilibrium Models," Advances in Spatial Science, in: Michael Sonis & Geoffrey J. D. Hewings (ed.), Tool Kits in Regional Science, chapter 4, pages 119-154, Springer.
    • Handle: RePEc:spr:adspcp:978-3-642-00627-2_4
    DOI: 10.1007/978-3-642-00627-2_4
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    Cited by:

    1. Ghaith, Ziad & Kulshreshtha, Suren & Natcher, David & Cameron, Bobby Thomas, 2021. "Regional Computable General Equilibrium models: A review," Journal of Policy Modeling, Elsevier, vol. 43(3), pages 710-724.
    2. J. A. León & M. Ordaz & E. Haddad & I. F. Araújo, 2022. "Risk caused by the propagation of earthquake losses through the economy," Nature Communications, Nature, vol. 13(1), pages 1-11, December.
    3. Woosung Kim, 2022. "The Impact of Reducing Military Expenditures in South Korea Using a CGE Model," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 20(3), pages 577-600, September.
    4. Hannu Törmä, 2008. "Do Small Town Development Projects Matter, and Can CGE Help?," Spatial Economic Analysis, Taylor & Francis Journals, vol. 3(2), pages 247-268.
    5. Eduardo A. Haddad & Patricio Aroca, Pilar Jano, Ademir Rocha, Bruno Pimenta, 2019. "A Bad Year? Climate Variability and the Wine Industry in Chile," Working Papers, Department of Economics 2019_37, University of São Paulo (FEA-USP).
    6. Eduardo A. Haddad & Jesús P. Mena-Chalco & Otávio J. G. Sidone, 2017. "Scholarly Collaboration in Regional Science in Developing Countries," International Regional Science Review, , vol. 40(5), pages 500-529, September.
    7. Thomas Rutherford & Hannu Torma†, 2010. "Efficiency of Fiscal Measures in Preventing Out-migration from North Finland," Regional Studies, Taylor & Francis Journals, vol. 44(4), pages 465-475.

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