An Overview of General Equilibrium Theory

Manuel Alejandro Cardenete, Ana-Isabel Guerra () and Ferran Sancho
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Ana-Isabel Guerra: University Pablo de Olavide Economics

Chapter 2 in Applied General Equilibrium, 2012, pp 5-20 from Springer

Abstract: Abstract As economists we are usually interested in how production is organized and in how whatever is produced is eventually distributed among consumers. All these activities take place within specific institutions we know as markets. What condition markets’ outcomes, i.e. prices of goods and services and quantities traded, are agents’ behavioral characteristics and the market mechanisms that emanate from them, namely, the so-called law and supply and demand. It is common to distinguish two large and distinct groups of agents—households and firms. Each of these groups plays a different role in the marketplace and in the whole economic system as well, depending on the particular type of commodity being traded.

Keywords: Equilibrium Price; Excess Demand; Initial Endowment; Walrasian Equilibrium; Feasible Allocation (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-3-642-24746-0_2

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