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 …

In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out … in previous studies, general equilibrium models are constructed and analyzed in greater detail. We discover that … postulated by many studies. -- Monopoly ; technical innovation ; welfare effects ; general equilibrium …

It is shown that, in pure exchange economies, the individual demand functions can be recovered from the equilibrium set …

demand. They show that when an appropriate Markovian dynamics is taken into account, the AYM has different equilibrium … Yoshikawa is recovered only in the case c = 0. All the other possible cases give different equilibrium probability distributions … equilibrium in Economics …

point to define the money market and the general equilibrium mechanism of the economy. On this basis, this research seeks a … linking mechanism of the money market with economic activity in the general equilibrium framework. The relationships between … money supply and national outcome, inflation, and price level are studied in three cases: full-employment equilibrium …