Exploring General Equilibrium

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Fischer S. Black Edward L. Glaeser (Fred and Eleanor Glimp Professor of Economics, Harvard University)

Exploring General Equilibrium

Fischer S. Black, Edward L. Glaeser (Fred and Eleanor Glimp Professor of Economics, Harvard University)

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English

MIT Press
21 May 2010

Macroeconomics; Finance; Credit & credit institutions

Series: The MIT Press

An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper.

Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. 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 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. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.

An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper.

Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. 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 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. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.

By: Fischer S. Black
Foreword by: Edward L. Glaeser (Fred and Eleanor Glimp Professor of Economics Harvard University)
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 14mm
Weight: 499g
ISBN: 9780262514095
ISBN 10: 0262514095
Series: The MIT Press
Pages: 360
Publication Date: 21 May 2010
Recommended Age: From 18 years
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Fischer Black (1938-1995), coauthor with Myron Scholes ofthe Black-Scholes equation on option pricing, held positionsat the University of Chicago, MIT's Sloan School of Management,and Goldman Sachs. In 1997, Scholes received the Nobel Prize in Economics for his work with Black on option pricing.