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book: General Equilibrium Theory of Value
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General Equilibrium Theory of Value

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Language: English
Published/Copyright: 2011

About this book

The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production.


Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary.



General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.

Author / Editor information

Yves Balasko is professor of economics at the University of York. He is the author of Foundations of the Theory of General Equilibrium and The Equilibrium Manifold.

Reviews

"General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field." --- "The economic concepts and differential topology methods presented in this book are clear, accessible and detailed so the reader can study the book independently without requiring any serious prior knowledge. . . . [T]his comprehensive and pedagogical book is suitable for graduate students and also for researchers in this field."---Ioannis A. Polyrakis, Mathematical Reviews Clippings

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    Frontmatter

    i
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    Contents

    v
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    Preface

    xi
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    Chapter 1. Goods and Prices

    1
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    Chapter 2. Preferences and Utility

    5
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    Chapter 3. Demand Functions

    19
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    Chapter 4. The Exchange Model

    37
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    Chapter 5. The Equilibrium Manifold

    47
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    Chapter 6. Applications of the Global Coordinate System

    56
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    Chapter 7. The Broad Picture

    62
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    Chapter 8. The Fine Picture

    74
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    Chapter 9. Production with Decreasing Returns

    82
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    Chapter 10. Equilibrium with Decreasing Returns

    96
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    Chapter 11. Production with Constant Returns

    108
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    Chapter 12. Equilibrium with Constant Returns

    124
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    Postscript

    145
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    Appendix A. Notation

    149
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    Appendix B. Point-set Topology

    151
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    Appendix C. Smooth Manifolds

    152
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    Appendix D. Singularities of Smooth Maps

    155
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    Appendix E. Convexity

    159
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    Appendix F. Miscellany

    166
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    References

    167
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    Index

    171
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Publishing information
Pages and Images/Illustrations in book
eBook published on:
July 25, 2011
eBook ISBN:
9781400838912
Edition:
Course Book
Pages and Images/Illustrations in book
View content
https://doi.org/10.1515/9781400838912
eBook ISBN: 9781400838912
Keywords for this book
Economic equilibrium; Production set; Demand curve; Supply (economics); General equilibrium theory; Utility; Manufacturing; Subset; Consumer; Preference (economics); Theory of value (economics); Existential quantification; Convex set; Differentiable manifold; Numeraire; Commodity; Supply and demand; Economy; Market liquidity; Quantity; Preference relation; Subsequence; Profit maximization; Coordinate system; Probability; Monotonic function; Utility maximization problem; Neoclassical economics; Theory; Economic policy; Lebesgue measure; Economic geography; Ordinal utility; Loss function; Maximizer; Submanifold; Aggregate supply; Mass production; Statistic; Cost–benefit analysis; Contract curve; Behavioral economics; Fubini's theorem; Binary relation; Consumer choice; Expense; Convex function; Income; Corollary; Jacobian matrix and determinant; Value added; Excess demand function; Value theory; Economics; Non-convexity (economics); Exchange economy; Profit (economics); Relative price; Aggregate demand; Equivalence relation; Preorder; Analysis; Transitive relation; Parameter space; Determinant; Partial derivative; Substitution effect; Coefficient; Marginal cost; Optimization problem
Audience(s) for this book
For an expert adult audience, including professional development and academic research
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