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Rozšířený koncept všeobecné ekonomické rovnováhy
[Broad approach of general economic equilibrium]

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  • Radim Valenčík

Abstract

The concept of utility is interpreted (in M. Friedman's intentions) as the present value of future income from investments in human capital occurring in the framework of personal consumption. In this sense consumption is regarded as a productive phenomenon. On this basis the concept of general economic equilibrium can be classified. On the one hand, instead of the disputable theory of social welfare the role of capital market in parallel creating equilibrium between supply and demand of investments opportunities, on the other hand, demand and supply of investment funds is applied. The proposed concept is applicable to explain current changes connected with the transition to knowledge based society.

Suggested Citation

  • Radim Valenčík, 2004. "Rozšířený koncept všeobecné ekonomické rovnováhy [Broad approach of general economic equilibrium]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(1), pages 61-73.
    • Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:1:id:450:p:61-73
    DOI: 10.18267/j.polek.450
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    References listed on IDEAS

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    1. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 1-9.
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    More about this item

    Keywords

    utility; general economic equilibrium; knowledge based society; current value of future income; human capital; investment opportunities; productive consumption;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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