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The enlargement of the general-equilibrium structure to allow default subject to penalties results in a construction of a simple mechanism for selecting a unique competitive equilibrium. We consider economies for which a common credit money can be applied to uniquely select any competitive...
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This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product …
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Complexity -- 14. Methodological Differences between the Natural and the Social Sciences -- 15. Theory and History -- 16. The …, it explores foundational ideas within Austrian economics, including human action, entrepreneurship, competition theory …, and price theory, to give readers a deep understanding of each topic unravelling complex economic concepts with clarity …
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