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Smithian General Equilibrium and Its Welfare Implications

In: Inframarginal Economics

Author

Listed:
  • Xiaokai Yang

    (University of New South Wales, Australia)

  • Wai-Man Liu

    (University of New South Wales, Australia)

Abstract

The following sections are included:Neoclassical vs. Smithian General EquilibriumHow Does the Market Coordinate the Division of Labor and Utilize Network Effects?Structure, corner equilibrium, and resource allocation for a given structure of division of laborGeneral equilibrium level and structure of division of labor – how does the market coordinate division of labor to utilize network effectsInframarginal Comparative Statics of Smithian General EquilibriumInframarginal vs. marginal comparative statics of Smithian general equilibriumComparative statics of decisions vs. comparative statics of equilibriumThe inappropriateness of marginal cost pricing and the difference between neoclassical and Smithian general equilibriumEfficiency of the Invisible HandThe first welfare theorem in the Smithian frameworkEconomic development and disparity between the pareto optimum and the PPFInterdependence and conflict between efficient resource allocation and efficient organizationFurther ReadingQuestionsExercises

Suggested Citation

  • Xiaokai Yang & Wai-Man Liu, 2008. "Smithian General Equilibrium and Its Welfare Implications," World Scientific Book Chapters, in: Inframarginal Economics, chapter 3, pages 59-89, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812837929_0003
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    More about this item

    Keywords

    Inframarginal Economics; Inframarginal Analysis; Division of Labor; Specialization; Network Effects; Smithian Framework; Transaction Costs;
    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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