In this work we deal with the theory of price determination in Steuart's writings; in particular with the concept of Double competition. The background is the evolution of the concept of market during the 18th century. Steuart proposed a theoretical construction in order to tackle the problem of...

The present paper introduces a model of dynamic equilibrium in a market, based on game theoretic approach, with specific development for capital markets and corporate strategies. The model allows to study some aspects of structural change in markets, both its dynamics and qualitative aspects. An...

Transactions at non-equilibrium prices are false trades. Under standard assumptions, markets without false trading produce Pareto-efficient outputs. This paper demonstrates graphically the complications created when false trades occur, showing that quantities produced deviate from...

No other phrase has been as widely and as controversially used in the discussion of capitalism and markets as the ‘invisible hand', a metaphor that Adam Smith used just once in each of his major works. There has been a debate as to whether Smith himself attached any importance to this...

A neoklasszikus közgazdaságtan hívei az általános egyensúlyelmélet Debreu-féle modelljére a gazdaságelmélet csúcsaként tekintenek. Tanulmányom célja az elmélet módszertani hátterének és tapasztalati relevanciájának vizsgálata, különös tekintettel az axiomatikus...

This paper is the first attempt at quantitative and qualitative analysis of the Soviet literature on general equilibrium theory in 1960—1990s. We divide the papers into four subgroups: von Neumann—Gale class of models and equilibrium growth; Arrow—Debreu class of models; disequilibrium...

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach considers this property of micro-level interactions to more strongly determine macro-level outcomes compared to the precise details of individual choice...

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice behavior;...

This paper gives a general view of the new macroeconomics: the new Keynesian macroeconomics, the real business cycle models and the analysis of credibility of monetary policy. An outline of the chief technical features that distinguish the new Keynesian and the real business cycle formulations...

I discuss the role of economic theory in empirical work in development economics with special emphasis on general equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating models, estimates of which can be used for...