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Topic: Economic equilibrium

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  Economic equilibrium - Wikipedia, the free encyclopedia
In economics, economic equilibrium often refers to an equilibrium in a market that "clears": this is the case where a market for a product has attained the price where the amount supplied of a certain product equals the quantity demanded.
The concept of equilibrium is also applied to describe and understand other sub-systems of the economy that do not follow the logic of supply and demand, for example, population growth.
Modern mainstream economics points to cases where equilibrium does not correspond to market clearing (but instead to unemployment), as with the efficiency wage hypothesis in labor economics.
en.wikipedia.org /wiki/Economic_equilibrium   (739 words)

 Encyclopedia: Economic equilibrium
Economics (deriving from the Greek words οίκω [oeko], house, and νέμω [nemo], distribute) is the social science that studies the allocation of scarce resources through measurable variables.
In physics, static equilibrium exists when the forces (actions) on all components of a defined system are balanced with the reactions such that no component is undergoing an acceleration relative to the designated frame of reference.
The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology.
www.nationmaster.com /encyclopedia/Economic-equilibrium   (1522 words)

 Nash Equilibrium
A Nash Equilibrium is a set of mixed strategies for finite, non-cooperative games between two or more players whereby no player can improve his or her payoff by changing their strategy.
Other academic theorists used the concept of 'equilibrium' in the 19th century (Maxwell, Walrus, Gibbs), for chemical and economic equilibrium in the early stages of the 20th century (van der Waals, Onnes, Keynes) before Nash used it in the middle of the 20th century.
Equilibrium theory struggles to satisfy academic standards in contemporary social sciences (and economics), which require a double hermeneutical approach (Radder, 2003) in addition to the explanatory method given by the mathematical sciences, by neo-classical economics, and even in the new technological sciences.
www.iscid.org /encyclopedia/Nash_Equilibrium   (1153 words)

 [No title]
Economics is moving away from the pure perfect competition paradigm towards a dualist competition-innovation paradigm.
The other side of the coin of economics, non-convexity, is caused by the non-rival nature of innovation, ideas, the self-organising mechanism that prevents the economy from disappearing into entropy-death or global equilibrium; it kicks the ball uphill again.
We have explored the trajectory of ideas through economic systems and explained the importance of embodiment of ideas into rules and institutions that may finally produce the goods and services that are the object of transactions, the fundamental economic activity.
pespmc1.vub.ac.be /CLEA/Reports/BM-InnovationComplexity.html   (6851 words)

 Genetic Causation and Economic Theory
From the equilibrium perspective, the causal process by which an equilibrium originates is of little interest in its own right; it is simply a carrier and, in the most extreme expression of this methodology, it is completely arbitrary.
Hahn, F.H. On the Notion of Equilibrium in Economics.
Factors that are endogenous in a general equilibrium model (and hence not causes on Knight's view) may be exogenous and unidirectional in influence and hence Knightian causes in a partial equilibrium analysis.
www.cgl.uwaterloo.ca /~racowan/cause.html   (16254 words)

 Economic equilibrium -- Facts, Info, and Encyclopedia article   (Site not responding. Last check: 2007-10-20)
In most simple microeconomic stories of supply and demand in a market, we see a (Click link for more info and facts about static equilibrium) static equilibrium in a market; however, economic equilibrium can exist in non-market relationships and be dynamic.
This example is also partial equilibrium, while equilibrium may be multi-market or (A general officer of the highest rank) general.
Further, economic equilibrium can correspond with ((economics) a market in which there are many buyers but only one seller) monopoly, where the monopolistic firm maintains an artificial shortage in order to prop up prices and to maximize profits.
www.absoluteastronomy.com /encyclopedia/e/ec/economic_equilibrium.htm   (709 words)

 [No title]
The basis was the recognition that economics studies distinctly human action and, therefore, that it is properly regarded as a branch of praxeology.
The specific method of economics is the method of imaginary constructions...Everyone who wants to express an opinion about the problems commonly called economic takes recourse to this method...An imaginary construction is a conceptual image of a sequence of events logically evolved from the elements of action employed in its formation.
Equilibrium requires that the endpoint aimed at, or the action taken to achieve it, is not itself likely to present the actor with a motivation for further action.
www.constitution.org /pd/gunning/subjecti/workpape/log_equi.htm   (8263 words)

 Frontiers in Applied General Equilibrium Modeling
Her research focuses on the discovery of new restrictions of economic theory, as well as on known restrictions, to develop nonparametric estimation and testing methods in various econometric models.
These questions range from the observations that the particular equilibrium structure and functional forms used will, to a large degree, predetermine the results and that the key parameter values used (especially elasticities) are known with little certainty to the claim that there has been little or no ex post validation of model projections.
Economics is evolving like other disciplines (astrophysics, life sciences) so that the numerical representation of theoretical constraints and the resulting implications are becoming major issues.
www.econ.yale.edu /news/srinivasan/frontiers.htm   (7174 words)

 Kenneth J. Arrow
One of the most prominent economic theorists of the twentieth century, Kenneth J. Arrow has made fundamental contributions to numerous fields, most of then concentrated around Neo-Walrasian general equlibrium theory and welfare economics, of which he can be considered one of the primary architects.
Consequently, he demonstrated that in equilibrium with a full set of state-contingent markets, there would be an optimal allocation of risk However, Arrow, however, noted that a full set of state-contingent commodities might seem too unrealistic.
Although research in general equilibrium have since moved in very different directions than those considered by Arrow and Hahn, it was at least partly due to their critical assessments of the treatment of money, uncertainty and stability in a G.E. context which led economists to recast these issues in different light.
cepa.newschool.edu /~het/profiles/arrow.htm   (2873 words)

 ipedia.com: Economic equilibrium Article   (Site not responding. Last check: 2007-10-20)
In economics, if a market for a product has attained the price where the amount supplied of a certain product equals the quantity demanded then it has "cleared." In most markets, this supply and demand balance is an economic equilibrium.
In this case, we see a static equilibrium in a market; economic equilibrium can exist in non-market relationships and be dynamic.
On the other hand, the Austrian School and Joseph Schumpeter maintained that in the short term there would never be any equilibrium as everyone was always trying to take advantage of the pricing system and so there was always some dynamism in the system.
www.ipedia.com /economic_equilibrium.html   (619 words)

 Economic equilibrium   (Site not responding. Last check: 2007-10-20)
In economics where the supply for a certain product matches the demand then economic equilibrium is said to exist, see Supply and demand.
Socialistss, especially Marxists claimed that equilibrium would not come about through the free market as it was chronically unfair and so would always be in disequilibrium.
On the other hand the Austrian School maintained that in the short term there would never be any equilibrium as everyone was always trying to take advantage of the pricing system and so there was always some dynamism in the system.
www.portaljuice.com /economic_equilibrium.html   (168 words)

 Andreu Mas-Colell
1977, 1985), the use of cross-dual dynamics to examine stability of equilibrium (1986), the examination of market demand and aggregation (1976, 1977, 1987) and the theory of differentiated commodities (1975).
Indeed, his 1986 proof of existence of a Walrasian equilibrium in a rather generic infinite-dimensional economy has been hailed as definitive (although his introduction of "uniform properness" has been an issue of concern ever since).
Mas-Colell is also renowned for his work on relating game theory to Walrasian G.E. - notably, in the relationship of the bargaining set with competitive equilibrium (1989) and exploring the relationship between Walrasian and Nash equilibria (1981, 1983).
cepa.newschool.edu /~het/profiles/andreu.htm   (934 words)

This model (of the economic sphere) is similar to any conventional Walrasian type general equilibrium model in that government policies are treated as exogenously given.
Suppose that, for some reason, the equilibrium is disturbed and the political economy is at the point B. Given the values of the exogenous variables, the relative price should rise and the economy should move to point C if the Nash solution at point C is a stable one.
Therefore, equation (15) together with the conditions of general equilibrium of the economic sphere yields the conditions of general equilibrium of the political economy.
econwpa.wustl.edu /eps/it/papers/9609/9609001.html   (7827 words)

 Kenneth Arrow
Arrow went on to extend the model to deal with issues relating to uncertainty, stability of the equilibrium, and whether a competitive equilibrium is efficient.
Among Arrow's many important contributions should also be mentioned his development of the theory of uncertainty and its incorporation within the frame of general equilibrium theory and, furthermore, his analysis of the possibilities for decentralized decisions in a society where the price system is fixed by the central authority.
From general equilibrium theory to welfare theory is but a short step, and both Hicks and Arrow have, on several points, developed the welfare economic consequences of their achievements indicated above.
www.jewishvirtuallibrary.org /jsource/biography/arrow.html   (1387 words)

 Theory of Value: An Axiomatic Analysis of Economic Equilibrium
A little earlier J. von Neumann [1], [2] had begun to develop, in different contexts, a mathematical tool which was eventually to play an essential role in that area under the definitive form as a fixed point theorem it received from S. Kakutani [1].
The value of that tool for economics was demonstrated in 1950 by J. Nash’s [1] proof that every finite n-person game has an equilibrium point (a concept whose origin can be traced to A. Cournot [1], Chapter 7).
Morgenstern [1] which freed mathematical economics from its traditions of differential calculus and compromises with logic.
www.econ.yale.edu /cowles/P/cm/m17.htm   (829 words)

 Benhabib, J.: Cycles and Chaos in Economic Equilibrium.   (Site not responding. Last check: 2007-10-20)
Benhabib, J.: Cycles and Chaos in Economic Equilibrium.
In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns.
In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory.
www.pupress.princeton.edu /titles/4958.html   (143 words)

 Walras, Léon on Encyclopedia.com   (Site not responding. Last check: 2007-10-20)
After abandoning his studies in mining engineering, he became a free-lance journalist, advancing the causes of economic and social reform.
He is widely regarded as the founder of the theory of general economic equilibrium, mathematical economics, the concept of “imperfect competition,” and the marginal utility theory.
General equilibrium in a nutshell: an explicit function example.
www.encyclopedia.com /html/W/Walras-L1.asp   (404 words)

 EconPapers: Equilibrium Unemployment Insurance
The model shows that societies populated by identical rational agents, but differing in the initial distribution of human capital accross agents, may choose very different unemployment insurance levels into a politico-economic equilibrium.
The interaction between the political decision about the level of the unemployment insurance and the optimal search behavior of the unemployed gives rise to a self-reinforcing mechanism which may generate multiple steady-state equilibria.
Econpapers is hosted by the Department of Business, Economics, Statistics and Informatics at Örebro University.
econpapers.repec.org /paper/hhsiiessp/0665.htm   (328 words)

 AllRefer.com - Gerard Debreu (Economics, Biography) - Encyclopedia
With such books as Theory of Values (1959), Debreu made mathematical advances in the theory of economic equilibrium.
Since 1962, he has taught economics at the Univ. of California, Berkeley.
He was awarded the Nobel Memorial Prize in Economic Sciences in 1983.
reference.allrefer.com /encyclopedia/D/Debreu-G.html   (204 words)

 No Title
Global analysis and economics, V: Pareto theory with constraints, Journal of Mathematical Economics, I (1974), pp.
On comparative statics and bifurcation in economic equilibrium theory, Annals of the New York Academy of Sciences, 316 (1979), (Bifurcation Theory in Scientific Disciplines), pp.
Global analysis in economic theory, The New Palgrave: A Dictionary of Economics, 2, edited by John Eatwell, Murray Milgrate, and Peter Newman, Macmillan Press, (1987), London, pp.
math.berkeley.edu /~smale/biblio/biblio.html   (1645 words)

 The Theory of General Economic Equilibrium: A Differentiable Approach:0521265142:Andreu Mas-Colell:eCampus.com
Andreu Mas-Colell has been doing pioneering work using differential topology in the analysis of general equilibrium.
This work is regarded as outstanding and one of the major contributions to the development of rigorous economic theory in the last twenty years.
He presents the analysis in a way which makes it accessible to the broader range of economic theorists and advanced students.
www.ecampus.com /bk_detail.asp?isbn=0521265142   (128 words)

 Nobel Prize Laureates in Economics
"for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development".
"for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena".
"for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium".
www.finweb.com /nobel.html   (904 words)

 Amazon.com: Evolutionary Games and Equilibrium Selection (Economic Learning and Social Evolution): Books: Larry ...   (Site not responding. Last check: 2007-10-20)
Evolutionary game theory is one of the most active and rapidly growing areas of research in economics.
Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others.
Larry Samuelson is Antoine Augustin Cournot Professor of Economics at the University of Wisconsin.
www.amazon.com /exec/obidos/tg/detail/-/0262692198?v=glance   (685 words)

 Economic Equilibrium Problems   (Site not responding. Last check: 2007-10-20)
The solution of economic equilibrium problems is an important component in the prediction of economic activities in the manufacturing and service areas.
One of the aims of our current research in economic equilibria is to develop a nonlinear complementarity formulation of the integrating module for NEMS (National Energy Modeling System), a modeling system of U.S. energy markets for the 1990-2010 period.
NEMS is used to prepare baseline forecasts of domestic energy markets and to analyze the potential impact of proposed goverment policies.
www.mcs.anl.gov /home/more/nems/nems.html   (210 words)

 Equilibrium and Economic Theory - Giovanni Alfredo Caravale - Adobe Reader eBooks
Equilibrium and Economic Theory - Giovanni Alfredo Caravale - Adobe Reader eBooks
In this volume, the notion of equilibrium is compared in all the major schools of thought, including neoclassical, Keynesian and neo-Ricardian.
Free eBooks include titles in multiple eBook formats, plus you will get dozens of free sample eBooks from exciting new authors.
www.ebookmall.com /ebook/111318-ebook.htm   (429 words)

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