Profits in (Partial) Equilibrium and (General) Disequilibrium
In a many-sector production economy where each sectorÃ¢â‚¬â„¢s output is used as input for every sector, a general equilibrium implies zero profit for everyone, whereas one market in excess demand implies positive profits for all others in their partial equilibrium. If more than one market is stuck in excess demand, every market allows positive profits.
|Date of creation:||01 Jul 2012|
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