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| Tekijä: | Gintis, H. |
| Otsikko: | The dynamics of general equilibrium |
| Lehti: | Economic Journal
2007 : OCT, VOL. 117:523, p. 1280-1309 |
| Asiasana: | microeconomics capitalism markov chains prices equilibrium analysis models |
| Kieli: | eng |
| Tiivistelmä: | The Walrasian (here as: W.) general equilibrium model is the centre of modern economic theory. This study shows that the instability of W.s' tatonnement process (as: t-prc.) is due to the public nature of prices, which leads to excessive correlation in the behaviour of economic agents. When prices are private information, a dynamic with a globally stable stationary state obtains in economies unstable in the t-prc. Provided is an agent-based model of a multi-sector W. economy with production and exchange with prices as private information. This economy is dynamically well behaved. |
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