| Description |
1 online resource (xii, 318 pages) |
| Physical Medium |
polychrome |
| Description |
text file |
| Bibliography |
Includes bibliographical references (pages 263-284) and index. |
| Summary |
The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. |
|
Although the general equilibrium approach cannot be tested in conventional ways, it can be used to generate examples that explain stylized facts - generalized observations from the real world - that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional views. Finally, he reviews a substantial body of literature on these topics. |
| Local Note |
eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America |
| Subject |
Equilibrium (Economics)
|
|
Equilibrium (Economics) |
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Business cycles.
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Business cycles. |
| Genre/Form |
Electronic books.
|
| Other Form: |
Print version: Black, Fischer, 1938- Exploring general equilibrium. Cambridge, Mass. : MIT Press, ©1995 0262023822 (DLC) 94036476 (OCoLC)31288101 |
| ISBN |
0585105855 (electronic book) |
|
9780585105857 (electronic book) |
|
0262023822 |
|
