General Equilibrium and Recession Phenomenon

Nicholas S. Gonchar, Wolodymyr H. Kozyrski and Anatol S. Zhokhin

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Abstract: The theorems we proved describe the structure of economic equilibrium in the exchange economy model. We have studied the structure of property vectors under given structure of demand vectors at which given price vector is equilibrium one. On this ground, we describe the general structure of the equilibrium state and give characteristic of equilibrium state describing economic recession. The theory developed is applied to explain the state of the economy in some European countries.

Date: 2016-01
New Economics Papers: this item is included in nep-mic
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1601.04949

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