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Numerous celebrated economists have pointed to the discipline's failure to adequately explain markets and how prices are formed. This paper addresses that deficiency. It considers the basic function of a market, defined as to coordinate the supply of a product with demand via movements in price....
Persistent link: https://www.econbiz.de/10005225812
us to plead in favour of Edgeworth’s originality and of the need to rescue his theory of perfect competition from a … misleading way. Textual evidence allows us to assert that the language of the cooperative game theory, and the subsequent modern … theory of the core, do not correspond to Edgeworth’s theory. The modern notion of coalition seems to be an interpretation of …
Persistent link: https://www.econbiz.de/10010595727
Numerous celebrated economists have pointed to the discipline's failure to adequately explain markets and how prices are formed. This paper addresses that deficiency. It considers the basic function of a market, defined as to coordinate the supply of a product with demand via movements in price....
Persistent link: https://www.econbiz.de/10008563538
The Italian economist Enrico Barone (1859- 1924) is best known for his contributions to marginal productivity theory … and the socialist planning debate. This paper analyzes Barone’s contributions to the theory of perfect competition which … the history of the theory of perfect competition. …
Persistent link: https://www.econbiz.de/10010671693
We propose an integrated method based on a two-sector small open economy dynamic and stochastic general equilibrium model to estimate non-tariff barriers and quantify the impact of services liberalization. The major component of trade barriers is explicitly modeled through the introduction of...
Persistent link: https://www.econbiz.de/10011242426
Persistent link: https://www.econbiz.de/10004046194
This book provides a rigorous course to the theory of intermediate microeconomics. It includes not only the basic … traditional theory, but also a ¡°From the Literature¡± box in each chapter directing students to applications of the theory. The … theory is developed axiomatically, with optional sections using one-variable calculus included for interested readers. A …
Persistent link: https://www.econbiz.de/10011156361
Three points are made in this article. First, it is argued that general equilibrium theory should not be limited to the …
Persistent link: https://www.econbiz.de/10009219475