The classical general equilibrium model aims to describe the economy by aggregating the behavior of individuals and firms. Note that the classical general...

Some, such as Terry Peach, see classical economics as of antiquarian interest. Classical general equilibrium model Classical liberalism Constitutional economics...

illustrates a "general equilibrium" where supposed simultaneous equilibria occur in both the goods and the money markets. The IS–LM model shows the importance...

its other factors are held constant. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which...

In mathematical economics, the Arrow–Debreu model is a theoretical general equilibrium model. It posits that under certain economic assumptions (convex...

Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary...

demonstrated with small models and new classical work on real business cycle theory that used fully specified general equilibrium models and used changes in...

resultant models. There have been many models developed for different situations, but correspondingly, these stem from either general equilibrium asset pricing...

Circular flow of income — Classical economics – Classical general equilibrium model – Coase conjecture – Coase theorem – Cobweb model – Collective action –...

Stock-flow consistent models (SFC) are a family of non-equilibrium macroeconomic models based on a rigorous accounting framework, that seeks to guarantee...

Thermodynamic equilibrium is a notion of thermodynamics with axiomatic status referring to an internal state of a single thermodynamic system, or a relation...

terms. The classical tradition of partial equilibrium theory had been to split the economy into separate markets, each of whose equilibrium conditions...

macroeconomic models based on rational choice, which have come to be called dynamic stochastic general equilibrium (DSGE) models. These models begin by specifying...

even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises. The General Theory...

of equilibrium in general have been proposed by Huw Dixon. These are: Equilibrium property P1: The behavior of agents is consistent. Equilibrium property...

While classical thermodynamics is primarily concerned with thermodynamic equilibrium, statistical mechanics has been applied in non-equilibrium statistical...

The monetary-equilibrium framework is in some ways not at all different from the classical model. The three central theories of the classical school are...

important aspect of the OLG model is that the steady state equilibrium need not be efficient, in contrast to general equilibrium models where the first welfare...

thermal equilibrium with a third system then they are in thermal equilibrium with each other." Buchdahl, H.A. (1966). The Concepts of Classical Thermodynamics...

non-equilibrium systems requires more general concepts than are dealt with by equilibrium thermodynamics. One fundamental difference between equilibrium thermodynamics...

Reflective equilibrium is a state of balance or coherence among a set of beliefs arrived at by a process of deliberative mutual adjustment among general principles...

economic equilibrium do not hold. Economic models in the tradition of partial or general equilibrium theory rely on the notion of economic equilibrium: because...

Phillips curve to model price-level changes. Some Keynesians opposed the synthesis method of combining Keynes's theory with an equilibrium system and advocated...

equations are the one that converges to the optimal steady-state equilibrium of the model. This result is derived in Cass' paper via the imposition of a...

a general equilibrium model, a partial equilibrium model, or even a non-equilibrium model; according to the economic agent's characteristics, models can...

article is focused mainly on classical thermodynamics which primarily studies systems in thermodynamic equilibrium. Non-equilibrium thermodynamics is often...

endowment. The main use of the Edgeworth box is to introduce topics in general equilibrium theory in a form in which properties can be visualised graphically...

In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions...

well as for regions. The Leontief system can be extended to a model of general equilibrium; it offers a method of decomposing work done at a macro level...

for all }}i=1,2,\dots ,n.} This model has been used in a wide variety of economic contexts, such as in general equilibrium theory to show existence and Pareto...