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Exploring General Equilibrium

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Exploring General Equilibrium

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Exploring General Equilibrium by Fischer Black
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Description

An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper. Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts-generalized observations from the real world-that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.

Author Biography

CHERYL KATZ is a performing arts consultant. She recently produced atour of an international dance project involving companies from the UnitedStates, Ireland, and Japan.
Release date Australia
May 21st, 2010
Author
Contributor
Foreword by Edward L. Glaeser
Country of Publication
United States
Imprint
MIT Press
Interest Age
From 18 years
Pages
360
Dimensions
152x229x14
ISBN-13
9780262514095
Product ID
3959516

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