Exploring General Equilibrium

Fischer Black (Autor)

Buch | Hardcover

368 Seiten

1995
MIT Press (Verlag)
978-0-262-02382-5 (ISBN)

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This text presents an assessment of general equilibrium theory and what that theory reveals about business cycles, growth and labour economics. The general equilibrium approach, the author asserts, can be used to explain most of the economy's behaviour. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment and inventories with axiomatic utility and constant returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment and the behaviour of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts - generalized observations from the real world - that have preoccupied macroeconomists for the last decade. The author contrasts his interpretation of these facts with conventional interpretations.

Part 1: classical theories; puzzles; stylized facts; what matters; what doesn't matter. Part 2: aspects of general equilibrium; general utility; consumption smoothing; local substitution; production; output; firms; inputs; smoothed output; units and unit value; consumption; innovation; return; risk; shocks; the match; sectors; growth; convergence; migration; volatility; business cycles; durables; inventories; careers; obsolescence; human capital; output and effort; unmeasured activity; world human capital and effort; saving and investment; incomplete markets; money; inflation; fixed and floating exchange rates; the Great Depression; evidence. Part 3: issues; readings; summary.

Erscheint lt. Verlag	10.8.1995
Verlagsort	Cambridge, Mass.
Sprache	englisch
Maße	152 x 229 mm
Gewicht	567 g
Themenwelt	Wirtschaft ► Allgemeines / Lexika
	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
	Wirtschaft ► Volkswirtschaftslehre ► Mikroökonomie
ISBN-10	0-262-02382-2 / 0262023822
ISBN-13	978-0-262-02382-5 / 9780262023825
Zustand	Neuware