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3. General Equilibrium and Multiple Market Systems

Objektkategorie:
Elektronische Ressource
Entstehungszeit:
2008
Sprache:
Englisch
Bereitstellende Institution:
Forschungsbibliothek Gotha
GND Explorer
Abstract:
Market interdependence is pervasive through all economies and it has attracted interest since the beginning of economics. Throughout history theories about the nature and consequences of interdependence have been the foundation of powerful and conflicting philosophies. The modern theory of general equilibrium that emerged from a century-long controversy holds that economies can be understood as a large system of simultaneous equilibrium equations. And, while the theory itself is highly technical, it holds profound implications about the role played by specialization and the law of comparative advantage in the creation of wealth. Almost all textbooks claim that self interest in response to profits promotes wealth-creating specialization and that prices serve as a key coordinating vehicle as described by the system of equilibrium equations.

Zugriff und Nutzungsmöglichkeiten

Universität Erfurt
Forschungsbibliothek Gotha
Schloss Friedenstein
Schlossplatz 1
99867 Gotha
+49 361 737-5540
bibliothek.gotha(at)uni-erfurt.de
Datensatz angelegt am:
2023-04-13
Zuletzt geändert am:
2023-01-20
In Portal übernommen am:
2023-04-13