Profits in (Partial) Equilibrium and (General) Disequilibrium

In a many-sector production economy where each sectorââ‚¬â„¢s output is used as input for every sector, a general equilibrium implies zero profit for everyone, whereas one market in excess demand implies positive profits for all others in their partial equilibrium. If more than one market is stuck in excess demand, every market allows positive profits.

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Year of publication:	2012-07-01
Authors:	Kim, Seong-Hoon ; Moon, Seongman
Institutions:	Centre for Dynamic Macroeconomic Analysis, University of St. Andrews
Subject:	Walras' Law \| Input-Output \| Sectoral Disequilibria \| Profits

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Extent:	application/pdf
Series:	CDMA Working Paper Series.
Type of publication:	Book / Working Paper
Notes:	Number 201208
Classification:	D59 - General Equilibrium and Disequilibrium. Other ; E19 - General Aggregative Models. Other ; F41 - Open Economy Macroeconomics
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011147839