General Equilibrium

Professor Yves Balasko (University of York)

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English

Agenda Publishing
28 November 2019

Economic theory & philosophy

The theory of general equilibrium offers a simplified guide to how real economies function: it describes how price, demand, supply and production interact in multiple markets and tend towards a state of equilibrium. The first attempt to model this interaction was made in the late nineteenth century, but it remained a largely theoretical exercise until the computer age, when large amounts of data could be processed to model national economies on an unprecedented scale.

Yves Balasko, one of the key pioneers in the field, offers an accessible introduction to general equilibrium theory and some of its most important developments of the past fifty years. The book begins with an historical presentation of general equilibrium theory that includes the two theorems of welfare economics and also a new proof of the existence of an equilibrium. The central chapters examine the main results of the theory of general equilibrium that can be obtained by following the equilibrium manifold and natural projection approach. The final chapter demonstrates the potential for extending the general equilibrium model beyond the market economy by introducing uncertainty and contingent commodities.

Written for students taking courses in economic theory and modelling who have relatively limited mathematical proficiency, the book fills a gap between forbidding technical expositions and the less rigorous elementary ones. As a masterly summation of developments in equilibrium theory by one of the subject's leading figures, it will also be welcomed by economists working across applied and computable general equilibrium analysis.

By: Professor Yves Balasko (University of York)
Imprint: Agenda Publishing
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
ISBN: 9781788210409
ISBN 10: 1788210409
Pages: 176
Publication Date: 28 November 2019
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Hardback
Publisher's Status: Active

Yves Balasko is Professor of Economics at the University of York. He was previously Professor of Mathematical Economics at the University of Geneva and Professor of Mathematics at University of Paris I (Panthéon-Sorbonne). His books include The General Equilibrium Theory of Value (Princeton University Press, 2011) and The Equilibrium Manifold (MIT Press, 2009).