Stability and Introductory Dynamics

R. Shone
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R. Shone: University of Sheffield

Chapter 11 in Microeconomics, 1975, pp 283-307 from Palgrave Macmillan

Abstract: Abstract Nowhere in the discussion so far have we mentioned whether the equilibrium points are stable; by stability we shall mean, for the moment, a tendency back towards the equilibrium if disturbed from it. In fact, in places we have assumed that there is some dynamic mechanism which sets up market forces such that equilibrium is attained. There is a certain pedagogic value in not confusing the questions of comparative statics with dynamic considerations. But there must always come a point when we must turn to these dynamic considerations and see to what extent our conclusions are based on certain assumptions about adjustment behaviour.

Keywords: Lyapunov Function; Global Stability; Equilibrium Price; Lipschitz Condition; Excess Demand (search for similar items in EconPapers)
Date: 1975
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DOI: 10.1007/978-1-349-15593-4_11

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