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A More Practical Method for Explaining Equilibrium

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  • Yi-Jang Yu

Abstract

The aim of this study is to suggest a more practical method for explaining market equilibrium in a two-dimensional risk-return world. Its main difference from textbook contents is to define, in both qualitative and quantitative ways, the environment or the system factor and treat it as an endogenous variable. Once the two-dimensional framework that is capable of managing uncertainty and environmental relationship can be reasonably established, a greater number of economic issues can be effectively investigated. As to the traditional concept of economic equilibrium, its importance can be significantly reduced.

Suggested Citation

  • Yi-Jang Yu, 2014. "A More Practical Method for Explaining Equilibrium," Research in World Economy, Research in World Economy, Sciedu Press, vol. 5(1), pages 88-98, March.
    • Handle: RePEc:jfr:rwe111:v:5:y:2014:i:1:p:88-98
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    References listed on IDEAS

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    1. Randall Holcombe, 2008. "Advancing economic analysis beyond the equilibrium framework," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 225-249, December.
    2. Michel De Vroey, 2006. "The temporary equilibrium method: Hicks against Hicks," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 259-278.
    3. Richard van den Berg & Gurjeet Dhesi, 2004. "“The Equilibrium Is Never Perfect”: The Dynamic Analysis of C.-F.-J. d'Auxiron," History of Political Economy, Duke University Press, vol. 36(1), pages 1-29, Spring.
    4. Sedlacek, Tomas & Havel, Vaclav, 2013. "Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street," OUP Catalogue, Oxford University Press, number 9780199322183.
    5. Craig Israelsen, 2005. "A refinement to the Sharpe ratio and information ratio," Journal of Asset Management, Palgrave Macmillan, vol. 5(6), pages 423-427, April.
    6. Yi-Jang Yu, 2013. "A More Practical Method for Explaining Demand," Research in World Economy, Research in World Economy, Sciedu Press, vol. 4(2), pages 18-27, September.
    7. Dany Lang & Mark Setterfield, 2006. "History versus equilibrium? on the possibility and realist basis of a general critique of traditional equilibrium analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(2), pages 191-209.
    8. Yi-Jang Yu, 2013. "A More Practical Method for Explaining Supply," Research in World Economy, Research in World Economy, Sciedu Press, vol. 4(1), pages 76-81, March.
    9. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, Second Edition," NBER Books, National Bureau of Economic Research, Inc, number beck75-1, June.
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    Cited by:

    1. Yi-Jang Yu, 2014. "Relations, Risks, Portfolio Theory and Key Natural Laws in Economics," Research in World Economy, Research in World Economy, Sciedu Press, vol. 5(2), pages 143-149, September.

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