Properties and Characterization of General Equilibrium
See also: Fundamental theorems of welfare economicsBasic questions in general equilibrium analysis are concerned with the conditions under which an equilibrium will be efficient, which efficient equilibria can be achieved, when an equilibrium is guaranteed to exist and when the equilibrium will be unique and stable.
Read more about this topic: General Equilibrium Theory
Famous quotes containing the words properties, general and/or equilibrium:
“A drop of water has the properties of the sea, but cannot exhibit a storm. There is beauty of a concert, as well as of a flute; strength of a host, as well as of a hero.”
—Ralph Waldo Emerson (1803–1882)
“It has been an unchallengeable American doctrine that cranberry sauce, a pink goo with overtones of sugared tomatoes, is a delectable necessity of the Thanksgiving board and that turkey is uneatable without it.... There are some things in every country that you must be born to endure; and another hundred years of general satisfaction with Americans and America could not reconcile this expatriate to cranberry sauce, peanut butter, and drum majorettes.”
—Alistair Cooke (b. 1908)
“That doctrine [of peace at any price] has done more mischief than any I can well recall that have been afloat in this country. It has occasioned more wars than any of the most ruthless conquerors. It has disturbed and nearly destroyed that political equilibrium so necessary to the liberties and the welfare of the world.”
—Benjamin Disraeli (1804–1881)