The state when all markets achieve equilibrium is called general equilibrium, but when economists, Walras e.g., couldn’t even prove the equilibrium for one single market, talking about general equilibrium is purely bluffing. Some economists did find the equilibrium relative price for two products, but without the corresponding absolute prices, their hope for the equilibrium of even one product falls through again. Some other economists, e.g., Arrow & Debreu, used aggregate supply and aggreate demand to stand for general equilibrium, but any aggregation of different goods must be a single value without any supply and demand relation. Then, the whole syllabus of macroeconomics and econometrics falls apart too. Economics: generally not at equilibrium. The book is suitable for courses like Microeconomics, Macroeconomics, General Equilibrium, International Trade, Money and Banking, etc.
Año de publicación:2017