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Profits in (Partial) Equilibrium and (General) Disequilibrium

Author

Listed:
  • Seong-Hoon Kim
  • Seongman Moon

Abstract

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.

Suggested Citation

  • Seong-Hoon Kim & Seongman Moon, 2012. "Profits in (Partial) Equilibrium and (General) Disequilibrium," CDMA Working Paper Series 201208, Centre for Dynamic Macroeconomic Analysis.
  • Handle: RePEc:san:cdmawp:1208
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    File URL: http://www.st-andrews.ac.uk/~wwwecon/CDMA/papers/wp1208.pdf
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    Keywords

    Walras' Law; Input-Output; Sectoral Disequilibria; Profits;

    JEL classification:

    • D59 - Microeconomics - - General Equilibrium and Disequilibrium - - - Other
    • E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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