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Exploring General Equilibrium

by Fischer Black

  • ISBN: 9780262023825
  • ISBN10: 0262023822

Exploring General Equilibrium

by Fischer Black

  • List Price: $58.00
  • Binding: Hardcover
  • Publisher: Mit Pr
  • Publish date: 08/01/1995
  • ISBN: 9780262023825
  • ISBN10: 0262023822
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Description: 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.
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Seller: Autumn's Books
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Book. 8vo-over 7¾-9¾" tall. Very Good Book Size: 8vo-over 7¾"-9¾" tall; Tight binding, good hinges & clean text. --
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Book. 8vo-over 7¾-9¾" tall. Very Good Book Size: 8vo-over 7¾"-9¾" tall; Tight binding, good hinges & clean text. --
Seller: MIT Press Bookstore
Location: Cambridge, MA
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Sewn binding. Cloth over boards. 368 p. Audience: General/trade.
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Sewn binding. Cloth over boards. 368 p. Audience: General/trade.
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Item in acceptable condition including possible liquid damage. As well,
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Item in acceptable condition including possible liquid damage. As well,
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0262023822 Item in acceptable condition including possible liquid damage. As
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0262023822 Item in acceptable condition including possible liquid damage. As
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Item may show signs of shelf wear. Pages may include limited notes and
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