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Profits in (Partial) Equilibrium and (General) Disequilibrium

  • Seong-Hoon Kim
  • Seongman Moon

In a many-sector production economy where each sector’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.

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File URL: http://www.st-andrews.ac.uk/economics/CDMA/papers/wp1208.pdf
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Paper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number 201208.

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Date of creation: 01 Jul 2012
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Handle: RePEc:san:cdmawp:1208
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