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:
“The reason why men enter into society, is the preservation of their property; and the end why they choose and authorize a legislative, is, that there may be laws made, and rules set, as guards and fences to the properties of all the members of the society: to limit the power, and moderate the dominion, of every part and member of the society.”
—John Locke (1632–1704)
“Towards him they bend
With awful reverence prone; and as a God
Extoll him equal to the highest in Heav’n:
Nor fail’d they to express how much they prais’d,
That for the general safety he despis’d
His own: for neither do the Spirits damn’d
Loose all thir vertue; lest bad men should boast
Thir specious deeds on earth, which glory excites,
Or close ambition varnisht o’er with zeal.”
—John Milton (1608–1674)
“When a person hasn’t in him that which is higher and stronger than all external influences, it is enough for him to catch a good cold in order to lose his equilibrium and begin to see an owl in every bird, to hear a dog’s bark in every sound.”
—Anton Pavlovich Chekhov (1860–1904)