incentive efficient. Moreover, any incentive efficient allocation can be decentralized as a competitive equilibrium. …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

neoclassical equilibrium analysis. They provide the setting of optimal decision making and therein constitute the tacit rationale …

Modern mainstream macroeconomics treats the economy 'as if' always in equilibrium. Two older traditions, Monetarism and …-ordination of their activities are prior problems requiring attention before equilibrium can, or cannot, be assumed. They have …

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …

Equilibrium assumptions posit relations between different people's beliefs and behavior without describing a process … that causes these relations to hold. I show that because equilibrium models do not describe a causal process whereby one … misleading predictions about how these models work. Equilibrium assumptions also imply absurd paradoxes: history can determine …