Rozšířený koncept všeobecné ekonomické rovnováhy

Broad approach of general economic equilibrium

Radim Valencik ()

Politická ekonomie, 2004, vol. 2004, issue 1, 61-73

Abstract: The concept of utility is interpreted (in M. Friedman's intentions) as the present value of future income from investments in human capital occurring in the framework of personal consumption. In this sense consumption is regarded as a productive phenomenon. On this basis the concept of general economic equilibrium can be classified. On the one hand, instead of the disputable theory of social welfare the role of capital market in parallel creating equilibrium between supply and demand of investments opportunities, on the other hand, demand and supply of investment funds is applied. The proposed concept is applicable to explain current changes connected with the transition to knowledge based society.

Keywords: utility; general economic equilibrium; knowledge based society; current value of future income; human capital; investment opportunities; productive consumption (search for similar items in EconPapers)
JEL-codes: D50 D63 (search for similar items in EconPapers)
Date: 2004
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DOI: 10.18267/j.polek.450

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