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Economies with Production

In: Theory of General Economic Equilibrium

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  • HANS KEIDING

Abstract

In this chapter, we extend the model introduced in the previous chapter so as to take account of production: Commodities are not just available, but are produced using other commodities. This gives rise to a specific economic activity, production, which in our model is carried out by specific agents, producers, who select the bundles of commodities used as inputs and outputs. Producers are treated as derived agents, i.e. they are not themselves individuals endowed with preferences on bundles or allocations, rather they represent the preferences of some or all consumers in a particular way to be specified in the model…

Suggested Citation

  • Hans Keiding, 2020. "Economies with Production," World Scientific Book Chapters, in: Theory of General Economic Equilibrium, chapter 3, pages 53-82, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811214394_0003
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    More about this item

    Keywords

    General Equilibrium; Mathematical Economics; Prices; Markets; Macroeconomics;
    All these keywords.

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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