The book is gracefully written and rigorous, and does an elegant job of situating competitive equilibrium theory in the economic and mathematical traditions from which it evolved. This book is itself a modern classic. It summarizes deftly, succinctly, and elegantly four decades of vintage frontier findings by two top score academics.
General Equilibrium Theory
McKenzie himself is first among equals in this stellar group. Over a period of fifty years McKenzie has pioneered, organized, and taught general equilibrium. This volume, by a master of the subject, serves as an indispensable guide to rigorous general equilibrium. The serious reader will be amply rewarded.
Charles L. Lionel W.
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The General Equilibrium Theory of Distribution | SpringerLink
Request Permissions Exam copy. Overview Author s Praise. Summary Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the s and s. July August Share Share Share email. Authors Lionel W. McKenzie The late Lionel W.
Endorsements A beautifully written, integrated treatment of the main topics in microeconomics, this book takes the reader from first principles to the cutting edge of theory today. Wells Professor of Political Economy, Harvard University McKenzie is one of the great innovators in the field of general equilibrium theory; his was the first paper published establishing the existence of general equilibrium. Kenneth J. Many of our ebooks are available through library electronic resources including these platforms:.
The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor.
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This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality.
He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. Polyrakis, Mathematical Reviews Clippings.