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Book Cover
Author McKenzie, Lionel W

Title Classical general equilibrium theory / Lionel W. McKenzie
Published Cambridge, Mass. : MIT Press, ©2002


Description 1 online resource (xiii, 318 pages) : illustrations
Contents Theory of Demand -- A Direct Approach to Demand Theory -- Demand Theory without Transitivity -- The Classical Theory -- The Method of Revealed Preference -- Market Demand Functions -- Continuity of m[subscript x](p) -- Negative Semidefiniteness of [m subscript ij (p)] -- Euler's Theorem for f(p) -- Quasi-linear Preferences -- The Law of Demand and Risk Aversion -- The Strong Axiom of Revealed Preference -- Group Demand Functions -- Tatonnement Stability of Equilibrium -- Excess Demand Functions -- Market Equilibrium -- Matrices with Quasi-dominant Diagonals -- The Process of Tatonnement -- Local Stability of the Tatonnement -- Tatonnement with Expectations -- An Economy of Firms -- An Economy of Activities -- Tatonnment with Trading -- Global Stability with Gross Substitutes -- Individual and Market Excess Demand Functions -- The Gross Substitute Assumption -- The Weak Axiom of Revealed Preference and Local Stability -- Stability in a Temporary Equilibrium Model -- Leontief Models of Production -- The Simple Leontief Model -- A Simple Leontief Model of Growth -- The Simple Model with Variable Coefficients -- Nonsubstitution with Capital Stocks -- Current Prices and Interest Rates -- Continuity of [mu subscript A](s) -- Comparative Statics -- The Local Theory of Comparative Statics -- The Morishima Case -- Global Comparative Statics -- Comparative Statics for the Individual Agent -- Comparative Statics and Supermodularity -- Local Uniqueness of Equilibrium -- Jacobi's Theorem -- Negative Definiteness under Constraint
Summary Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the 1930s and 1940s. This book focuses on the version of the theory developed in the second half of the twentieth century, referred to by Lionel McKenzie as the classical general equilibrium theory. McKenzie offers detailed and rigorous treatment of the classical model, giving step-by-step proofs of the basic theorems. In many cases he elaborates on the individual steps to give a fuller understanding of the underlying principles. His goal is to provide readers with a true mastery of the methodology so that they can derive new results that will further enrich their thinking about general equilibrium theory. 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
Analysis ECONOMICS/Microeconomics
Bibliography Includes bibliographical references (pages 301-307) and indexes
Notes Print version record
Subject Equilibrium (Economics)
Equilibrium (Economics) -- History
POLITICAL SCIENCE -- Economic Conditions.
BUSINESS & ECONOMICS -- Economics -- Macroeconomics.
Equilibrium (Economics)
Economisch evenwicht.
Evenwichtsmodellen (Economie)
Genre/Form History.
Form Electronic book
LC no. 2002023017
ISBN 9780262279529