IDEAS home Printed from https://ideas.repec.org/a/ids/ijgrec/v6y2012i1p55-72.html
   My bibliography  Save this article

A consolidated economic model based on a new concept of biased equilibrium

Author

Listed:
  • Monowaruz Zaman

Abstract

The fundamental theorems of welfare economics are not designed to represent the real world. Instead, they tell us about certain conditions under which general equilibrium will be efficient. This paper introduces a new concept 'biased equilibrium' based on information economics and consolidates neoclassical economics and institutional economics together. In the real world economy, the probability of achieving Pareto efficiency for a subset of the population is much higher than that for the whole population. This model is enhanced to describe that our market is not uniform, but distributed in layers of energy states. A money market dynamics describes how our global economy has achieved prosperity over the time. If this is not balanced, it will create a market loop that may potentially put debt pressure on the economy or may cause poverty and hinder any green initiative.

Suggested Citation

  • Monowaruz Zaman, 2012. "A consolidated economic model based on a new concept of biased equilibrium," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 6(1), pages 55-72.
    • Handle: RePEc:ids:ijgrec:v:6:y:2012:i:1:p:55-72
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=48425
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zaman, Monowaruz, 2018. "Economics of Information Biasing: A Unified Economic Theory That Leads to New Sustainability Concepts," MPRA Paper 86527, University Library of Munich, Germany, revised 24 Apr 2018.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:ijgrec:v:6:y:2012:i:1:p:55-72. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=158 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.