Out of Equilibrium

Mario Amendola and Jean-Luc Gaffard
Additional contact information
Mario Amendola: University of Rome `La Sapienza'

in OUP Catalogue from Oxford University Press

Abstract: Standard equilibrium economic models focus on interdependencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interact sequentially determines the evolution path of an economy. As a result, different processes may be associated with any kind of original shock. Whereas in equilibrium models these processes are determined by the 'fundamentals' of the economy, here the outcome is heavily influenced by the processes themselves, the sequential decisions taken, and policies followed. The model proposed in this book is a heuristic tool that makes it possible to explore these `disequilibria'. By using it, economic phenomena and policy recommendations appear entirely different, and in most cases the interpretations made are diametrically opposite to those advocated by the dominant equilibrium theory, thus giving a new perspective on the recent past of the Western economies.

Date: 1998
ISBN: 9780198293804
References: Add references at CitEc
Citations: View citations in EconPapers (195)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: Out of equilibrium (1998)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oxp:obooks:9780198293804

Ordering information: This item can be ordered from
http://ukcatalogue.o ... uct/9780198293804.do

Access Statistics for this book

More books in OUP Catalogue from Oxford University Press
Bibliographic data for series maintained by Economics Book Marketing ().