Exchange Economies

Hans Keiding

Chapter 2 in Theory of General Economic Equilibrium, 2020, pp 21-51 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In the Introduction chapter, we have considered the concepts needed for our theory of general economic equilibrium. It is now time to apply the concepts to the model. For the time being, we leave the producers out of the story, postponing their introduction to Chapter 2. In this chapter, we consider those economies where the purpose of economic interaction is to distribute (or redistribute) the initial endowment among the consumers. The reason that we begin with this seemingly trivial part of economic activity is that most of the theoretical problems will already be present at this level, and the subsequent introduction of production into the economy will cause only minor disturbances…

Keywords: General Equilibrium; Mathematical Economics; Prices; Markets; Macroeconomics (search for similar items in EconPapers)
JEL-codes: D5 F4 (search for similar items in EconPapers)
Date: 2020
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