General Equilibrium in Competitive Production Economies

Takashi Hayashi ()
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Takashi Hayashi: University of Glasgow

Chapter Chapter 16 in Microeconomic Theory for the Social Sciences, 2021, pp 207-229 from Springer

Abstract: Abstract Here we consider a model of production economy so-called private ownership economy. There are n consumers and m firms. The key here is that the firms are owned ultimately by the consumers = shareholders and their profits are paid to the consumers as dividends. Also, the ownership structure of each firm is fixed and remains unchanged. This might be a too “classic” view to understand modern corporations in which ownership and management are separated and the composition of shareholders change over time. So I like you to read ahead by taking this model as a benchmark.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-3541-0_16

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DOI: 10.1007/978-981-16-3541-0_16

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