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General Equilibrium in Competitive Exchange Economies

In: Microeconomic Theory for the Social Sciences

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  • Takashi Hayashi

    (University of Glasgow)

Abstract

Having given apologies in Introduction, I will start talking about perfectly competitive and complete markets with complete information. I will do this with general equilibrium approach first, in which we look at all goods simultaneously and handle simultaneous determination of price and income. In the last chapter of this part I will talk about partial equilibrium approach, which isolates the market of a particular good from the rest of the economy by presuming that income does not matter (no income effect).General equilibrium Partial equilibrium

Suggested Citation

  • Takashi Hayashi, 2021. "General Equilibrium in Competitive Exchange Economies," Springer Books, in: Microeconomic Theory for the Social Sciences, chapter 0, pages 153-170, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-3541-0_11
    DOI: 10.1007/978-981-16-3541-0_11
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