General Equilibrium Economics: Space, Time and Money - download pdf or read online

By Robert E. Kuenne

ISBN-10: 1349127523

ISBN-13: 9781349127528

ISBN-10: 134912754X

ISBN-13: 9781349127542

A number of released papers regularly equilibrium that discover the elemental difficulties of intensive interdependence in versions incorporating oligopoly, area, time and cash. Robert E. Kuenne has additionally written "The concept of normal financial Equilibrium".

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Example text

303. 18. Jaffe pointed this out in his brief abstract [15], pp. 327-28. Other mistakes in Patinkin's presentation escaped attention: his statement that Pu' in Walras represents the general price level, instead of the price of money services; and his misquoting of Walras to show that Walras maintained that the general price level had little effect on the demand for money whereas Walras was speaking of the effect of the interest rate. See Patinkin [27], p. 144, and [28], p. 12. 19. See [36], p. 1076n.

140--3 and 236--7 of [41] compared with Hicks's analysis of Part I of [13]. The substitution of such a function raises the question of determinateness of equilibrium. Schumpeter quotes an article by Amoroso (in Italian) which convinced Schumpeter that no difficulties arise in this regard under acceptable assumptions. The writer has not been able to find a translation of the article. See [36], p. 1007. (b) The related Hicks-Allen reintroduction of indifference curve techniques may be employed to free the analysis from the assumption of cardinally measurable utility.

The establishment of the successive eqUilibrium conditions from period to period with given expectations (that is to say, assuming that producers and consumers have firm plans and expectations, and that they maximize such plans through time by equalizing the marginal rates of substitution and the reciprocals of the ratios of discounted expected prices), is merely the first step in the dynamization of Walras. The difficult problem of relating changes in expectations to changes in realized magnitudes still remains, and one need not be a pessimist to doubt that such a theoretical schema could be made operational.

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General Equilibrium Economics: Space, Time and Money by Robert E. Kuenne


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