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Topic: Classical general equilibrium model

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	Classical economics - Wikipedia, the free encyclopedia
		Classical economics is a school of economic thought whose major developers include William Petty, Adam Smith, David Ricardo, Thomas Malthus, John Stuart Mill and Johann Heinrich von Thünen.
		One issue is whether classical economics is a forerunner of neoclassical economics or a school of thought that had a distinct theory of value, distribution, growth.
		Ironically, considering the attachment of many classical economists to the free market, the largest school of economic thought that still adheres to classical forms is the Marxian school.
	en.wikipedia.org /wiki/Classical_economics (1268 words)

	Classical general equilibrium model - Wikipedia, the free encyclopedia
		In the classical general equilibrium model, the individual is assumed to be the basic unit of analysis and these individuals, both workers and employers, will make choices that reflect their unique tastes, objectives, and preferences.
		It is assumed that individuals' wants typically exceed their ability to satisfy them (hense scarcity of goods and time).
		The classical model assumes that traditional supply and demand analysis is the best approach to understanding the labor market.
	en.wikipedia.org /wiki/Classical_general_equilibrium_model (471 words)

	Differential Approach to General Equilibrium
		General equilibrium theory aims at studying the equilibrium price vector as a function of the parameters defining the economy; it describes those states in which the independent plans of many agents with conflicting interests are compatible such a state is called an equilibrium.
		The differential approach to general equilibrium theory thus attempts to go beyond the often overstudied existence question, endowing the equilibrium set with a more regular structure and with differentiability assumptions it permits a greater examination of the properties of equilibria that are economically interesting (such as uniqueness).
		The approach adopted by Smale to the study of general economic equilibrium was to put the main results of classical general equilibrium theory in a global calculus context.
	www.maths.tcd.ie /local/JUNK/econrev/ser/html/differential.html (3704 words)

	[No title] (Site not responding. Last check: 2007-08-17)
		Classical general equilibrium theory is silent on this question: whoever controls a firm whether it be the owners of capital or the owners of labor, or someone else, simply picks the value maximizing point in that firm's production possibility set.
		This project develops a model in which bankruptcy, reorganization, and liquidation occur in equilibrium and in which it is optimal for capitalists to own and control the firm.
		These models are used to reassess the effects of monetary and fiscal policy, including various regulations and policies with regard to financial intermediation.
	www.cs.utexas.edu /users/yguan/NSFAbstracts/Abstracts/SBE/SES.SBE.a9211618.txt (344 words)

	A GENERAL ISLAMIC APPROACH TO THE INTEGRATED ISSUE OF TRADE AND DEVELOPMENT (Site not responding. Last check: 2007-08-17)
		Within this context of the interactive model is subsumed the text of development as the process of endogenous preference formation and its cause and effect on the entire gamut of socio- economic and policy variables.
		All of these are endogenously affected by the primacy of the knowledge model, with the substantive condition however, that the knowledge parameters are evolved and are functionally ordinalized by series of cause-effect regenerative sequences.
		For a general tax revenue cannot be ethically used to venture out in government sponsored projects, which because of the regressive results that such public involvement generates, causes unjust use of public funds.
	islamic-finance.net /islamic-economy/chap24/chap24-5.html (1935 words)

	Reference.com/Encyclopedia/Classical economics
		Classical economics is a school of economic thought whose major developers include William Petty, Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill.
		Some historians of economic thought see the classical theory of prices as determined from three givens: (1) The level of outputs at the level of Smith's "effectual demand", (2) technology, and (3) wages.
		In contrast to the Classical theory, the determinants of the neoclassical theory of value - (1) tastes, (2) technology, and (3) endowments are seen as exogeneous to neoclassical economics.
	www.reference.com /browse/wiki/Classical_economics (711 words)

	The Walras-Cassel System
		The Walrasian model fell into disuse soon after 1874 as general equilibrium theorists, particularly in the 1930s in the English-speaking world, opted for the Paretian system.
		The Walrasian model was resurrected in Gustav Cassel's Theory of Social Economy (1918), but even after that, its analysis was confined to the German-speaking world, notably in the Vienna Colloquium in the 1930s, where it was corrected and expanded by Abraham Wald (1936).
		General equilibrium is defined as a set of factor prices and output prices such that the relevant quantities demanded and supplied in each market are equal to each other, i.e.
	cepa.newschool.edu /het/essays/get/walcass.htm (4735 words)

	International Economics Glossary: N
		An equilibrium in game theory in which each player's action is optimal given the actions of the other players.
		In the specific factors model, the fact that the effect of a change in relative prices on the real wage of the mobile factor cannot be known a priori, since the wage rises relative to one price and falls relative to the other.
		Models of trade that, especially in the 1980s, incorporated aspects of imperfect competition, increasing returns, and product differentiation into both general equilibrium and partial equilibrium models of trade and trade policy.
	www-personal.umich.edu /~alandear/glossary/n.html (2255 words)

	[No title] (Site not responding. Last check: 2007-08-17)
		Neo-classical theory is build on the perfect competition paradigm that leads to general equilibrium and the highest possible state of welfare.
		Equilibrium is reached when all pairs of marginal costs and benefit ratios are equalised.
		Classic production functions, for instance those of the Cobb-Douglas type, can, in principle, not be used anymore since they become meaningless for the allocation of factor income.
	pespmc1.vub.ac.be /:/CLEA/Reports/BM-CoaseTheorem.html (7971 words)

	Classical General Equilibrium Theory - The MIT Press (Site not responding. Last check: 2007-08-17)
		Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the 1930s and 1940s.
		Special attention is given to the McKenzie model, in which it is not assumed that the number of firms is given but rather that technologies or activities are available to any agents who can supply the resources they require.
		The McKenzie model is used to establish the turnpike theorems of optimal and competitive capital accumulation.
	mitpress.mit.edu /catalog/item?ttype=2&tid=10752 (354 words)

	Access: Vouching for Condor
		A run of the model is not as taxing as many classical supercomputing tasks.
		Running a set of parameter values to equilibrium for all 20 cities requires only about 20 minutes on one of the machines in the University of Wisconsin's Condor flock, which pools the power of desktop workstations and Linux clusters across Wisconsin's campus.
		This computation took about a week, and, by the time Ferreyra was finished testing the model and working the bugs out, she ran the model about 15 times.
	www.ncsa.uiuc.edu /News/Access/Stories/vouchers/vouchers4.html (362 words)

	RBC
		Haberler defined the business cycle in the general sense as “an alternation of periods of prosperity and depression, of good and bad trade.” This paper is a presentation of the New Classical theory with regard to its explanation of the fluctuations in the business cycle.
		According to the new classical equilibrium approach, unemployment is simply a voluntary phenomenon (workers are not willing to work at the equilibrium wage, they prefer leisure to work).
		Lucas did not agree with Kydland and Prescott on the exclusive focus of their model on the real as opposed to the monetary elements in explaining the economic fluctuations, and he suggested a ‘hybrid’ model, where attention is equally given to real and monetary phenomena.
	k.faculty.umkc.edu /kaboubf/WP/RBC.html (1889 words)

	Jesus Fernandez-Villaverde's Homepage
		A plausibly parameterized version of the model predicts that the interaction of consumer durables and endogenous borrowing constraints induces durables accumulation early in life and higher consumption of nondurables and accumulation of financial assets later in the life cycle, in an order of magnitude consistent with observed data.
		An overlapping generations model with capital-skill complementarity and endogenous fertility, mortality and education is constructed and parametrized to match English data from 1536 to 1920.
		Since these models generally lack a closed-form solution, the policy functions are approximated by numerical methods.
	www.econ.upenn.edu /~jesusfv/research.html (2625 words)

	[No title] (Site not responding. Last check: 2007-08-17)
		As for the General Equilibrium Model, whence the American “keynesians” derived their tenet, Keynes dismissed it in 1934 as “a little better than nonsense.” The General Equilibrium Approach to “economics” formalized by Leon Walras in the late 19th century mirrored the contemporary methodology of Newtonian Mechanics.
		Instead, Samuelson charged his predecessors with abject intellectual failure in that they had not enunciated “operationally meaningful theorems” about the time-paths of economic variables deemed to be in general equilibrium at the point-in-time of their observation in the manner of 19th century Newtonian/Laplacian physicists.
		In the context, such “Conditions of Equilibrium” relate to the question whether inferred Supply-and-Demand Schedules are properly SLOPED around the Point of their intersection.
	archives.econ.utah.edu /archives/pkt/2001m08/doc00001.doc (1156 words)

	Social Science Faculty
		The largest studied to date are general equilibrium systems with the major characteristics of international trade, meaning multiple countries, multiple production functions, multiple inputs, etc. The general competitive equilibrium works well to predict the asymptote of prices and allocations.
		The process at work in all cases appears to be the classical adjustment model in which the rates of changes of prices (scaled by price) is proportional to excess demand.
		We have hints that in the stable equilibrium cases, the adjustment process might incorporate aspects of the inverse of the Jacobian (a type of Newton adjustment process).
	www.hss.caltech.edu /ss/faculty/cplott (485 words)

	Subject: Re: General Equilibrium Model (Site not responding. Last check: 2007-08-17)
		> : > :Roughly speaking, a system is in equilibrium with regard to > :a variable, as long as the average of this variable does not > :change.
		> > "equilibrium" has a precise meaning in thermodynamics: > > The implication is that there is a separation of timescales so that > some fast "micro" process relaxes much quicker than the timescales of > changes in macroscopic processes.
		One would expect the range of the equity's value, (ie., maximum - minimum,) to increase with the square root of time, (which, empirically, seems to be the case,) then, in some sense, the equilibrium value diverges over time.
	www.johncon.com /john/correspondence/981228181705.7053.html (210 words)

	No Title
		We believe this model casts light on the current organization of the steel industry and provides new insights into the structure of trade in financial markets and the rapid emergence of the ``business to business'' (B2B) exchanges which are likely to transform the structure of trade in many different commodity and asset markets.
		Overall, the model showed that many of the apparently artifactual features of opbserved retirement behavior, including pronounced peaks in retirement rates at age 62 and 65 can be explained by careful modeling of the strong incentives Social Security creates in interaction with patterns of incompleteness in markets for private insurance.
		Although the model is simplified in many respects, it remains one of the most ambitious and detailed attempts to model the impact of Social Security on retirement behavior and analyze its impact on individual welfare.
	gemini.econ.umd.edu /jrust/research/research.html (15274 words)

	Asiaweek.com
		However, in the Walrasian general equilibrium setting, classical or neo-classical or economists assume these problems away by imagining the auctioneer representing, in abstract, all public infrastructure necessary to implement numerous economic transactions in the market in a smooth and legitimate manner.
		Economists call this a case of multiple equilibria and say that once we leave the neighborhood of one equilibrium, we may be thrown into a state of chaos or explosion.
		The existence of multiple equilibria and the instability of equilibria outside its neighborhood seem to derive from the fundamental characteristics of market in general but this phenomena may be particularly strong in financial markets.
	www.asiaweek.com /asiaweek/99/0205/feat8-2.html (855 words)

	Abstract for Cowles Foundation Discussion Paper 1143 (Site not responding. Last check: 2007-08-17)
		In the classical general equilibrium model, agents keep all their promises, every good is traded, and competition prevents any agent from earning superior returns on investments in financial markets.
		In this paper I introduce the age-old problem of broken promises into the general equilibrium model, and I find that a new market dynamic emerges.
		Finally, I shall show that under suitable conditions, in rational expectations equilibrium, some investors will be able to earn higher than normal returns on their investments.
	www.econ.yale.edu /cowles/P/ab/a11/a1143.htm (214 words)

	I Am the Very Model of A Post- Economics-General (Site not responding. Last check: 2007-08-17)
		GENERAL: I am the very model of a post-economics-general, I've information microeconomical and macrotheoretical, I know the top departments, and I quote the Nobel laureates From Samuelson to Lucas, and those three game theorists; I'm very well acquainted with matters macroeconomical, I understand the models, both New Keynesian and Classical.
		GENERAL: I know economic history, and lots of fancy data sets; I do econometrics, and make sure that nothing is endogenous.
		ALL: You'll say a better post-economics-general, etc. GENERAL: For my economics knowledge, though I'm scholarly and savvy, Focuses on theories of the last years of of the century; But still, in matters microeconomical and macrotheoretical, I am the very model of a post-economics-general.
	www.gmu.edu /departments/economics/bcaplan/general.htm (350 words)

	General equilibrium model with a convex cone as the set of commodity bundles
		In this paper, we present a model for an exchange economy which is an extension of the classical model as introduced by Arrow and Debreu.
		In the classical model, there is a nite number of commodi- ties and a nite number of consumers.
		In this setting, given a nite number of consumers each with an ini- tial endowment and a preference relation on the commodity cone, we prove existence of a Walrasian equilibrium under assumptions which are essentially the same as the ones in Arrow and Debreu's model.
	ideas.repec.org /p/dgr/kubrem/1996740.html (570 words)

	ipedia.com: Classical economics Article (Site not responding. Last check: 2007-08-17)
		It is seen by many as the first modern school of econ...
		Francois Quesnay and Smith, for example, identified the wealth of a nation with the yearly national income, instead of the king's treasury.
		It is more likely due to the fact that the marginalist or neoclassical theories omit major empirical aspects of capitalism that Marxian political economists perceive, such as capitalist domination and exploitation of the working class and economic crises.
	www.ipedia.com /classical_economics.html (433 words)

	Amazon.com: Applying General Equilibrium (Cambridge Surveys of Economic Literature): Books: John B. Shoven,John ... (Site not responding. Last check: 2007-08-17)
		The central idea underlying this work is to convert the Walrasian general equilibrium structure (formalized in the 1950s by Kenneth Arrow, Gerard Debreu and others) from an abstract representation of an economy into realistic models of actual economies.
		Numerical, empirically based general equilibrium models can then be used to evaluate concrete policy options by specifying production and demand parameters and incorporating data reflective of real economies.
		The authors contend that the Walrasian general equilibrium model provides an ideal framework for appraising the effects of policy changes on resource allocation, assessing who gains and who loses, and the policy impacts not well covered by empirical macro models.
	www.amazon.com /exec/obidos/tg/detail/-/0521319862?v=glance (890 words)

	[No title]
		Revitalizes the core of classical mainstream economics in a modern body of economic formalism.
		New Classical General Equilibrium and Its Welfare Implications.
		A New Classical Model of Endogenous Monetary Regime.
	www.blackwellpublishing.com /bookxml.asp?isbn=063122002X (1284 words)

	Antonio Villar at IDEAS
		"Classical Equilibrium with Increasing Returns," Papers 95-12, Valencia - Instituto de Investigaciones Economicas.
		"Existence and efficiency of equilibrium in economics with increasing returns to scale: an exposition," Investigaciones Economicas, Fundación SEPI, vol.
		"General Equilibrium in a Non-linear Leontief Framework," The Manchester School of Economic & Social Studies, Blackwell Publishing, vol.
	ideas.repec.org /e/pvi24.html (770 words)

	RePEc
		On the Generic Impossibility of Truthful Behavior: A Simple Approach.
		Existence and Optimality of Social Equilibrium with Many Convex and Nonconvex Firms.
		Modelling Conditional Heteroskedasticity: Application to Stock Return Index "IBEX-35".
	www.inomics.com /cgi/repec?handle=RePEc:fth:valinv (755 words)

	Classical General Equilibrium Theory by Lionel W. McKenzie, New, Used Books, Cheap Prices, ISBN 0262134136 (Site not responding. Last check: 2007-08-17)
		Classical General Equilibrium Theory (By Lionel W. McKenzie)
		General Equilibrium Theory: An Introduction (By Ross M. Starr)
		Theory of General Economic Equilibrium (By Trout Rader)
	www.bookfinder4u.com /detail/0262134136.html (404 words)

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