DISEQUILIBRIUM FOUNDATIONS OF EQUILIBRIUM ECONOMICS by Franklin M. Fisher ( 9780521378567 )

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Title:

DISEQUILIBRIUM FOUNDATIONS OF EQUILIBRIUM ECONOMICS

By:

Franklin M. Fisher

Format:

Paperback

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£51.00

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£44.63

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ISBN 10:

0521378567

ISBN 13:

9780521378567

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Publisher:

CAMBRIDGE UNIVERSITY PRESS

Pub. date:

31 March, 1989

Series:

Econometric Society Monographs

Pages:

252

Description:

This 1984 book proposes a general model of economic analysis based upon disequilibrium.

Synopsis:

The most common mode of analysis in economic theory is to assume equilibrium. Yet, without a proper theory of how economies behave in disequilibrium, there is no foundation for such a practice. The necessary step in proposing a foundation is the formulation of a theory of stability, and in this 1984 book, Professor Fisher is primarily concerned with this subject, although disequilibrium behavior itself is analyzed. The author first undertakes a review of the existing literature on the stability of general equilibrium. He then proposes a more satisfactory general model in which agents realize their state of disequilibrium and act on arbitrage opportunities. The interrelated topics of the role of money, the nature of quantity constraints, and the optimal behaviour of arbitraging agents are extensively treated.

Illustrations:

6 line diagrams

Publication:

Imprint:

Cambridge University Press

Returns:

Returnable

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