Exploring general equilibrium:
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Bibliographic Details
Main Author: Black, Fischer (Author)
Format: Electronic eBook
Language:English
Published: Cambridge, Mass. MIT Press ©1995
Subjects:
Online Access:FAW01
FAW02
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Item Description:Includes bibliographical references (pages 263-284) and index
The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. 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 behavior 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 cannot 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. Black contrasts his interpretation of these facts with conventional views. Finally, he reviews a substantial body of literature on these topics
Physical Description:1 Online-Ressource (xii, 318 pages)
ISBN:0262023822
0585105855
9780585105857

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