The equilibrium concept is the most important subject for economic theory. The importance of this concept arises in determination of functional structures of the economic variables. Jenkinson (1986) has estimated the long term labour demand function and rationalisation mechanism by using...

The validity of the Hotelling’s rule, the fundamental theorem of nonrenewable resource economics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...