Evolution in a General Equilibrium framework

Elvio Accinelli () and Humberto Muñiz

Journal of Mathematical Economics, 2021, vol. 96, issue C

Abstract: In this paper, we consider a general equilibrium model in which the economies are characterized by the distribution of firms on a set of branches of production; we will show that based on the decisions of the managers of the firms, it is possible to build a dynamic system whose solutions reproduce the possible trajectories of the economy. Once the initial state of an economy is known, that is, the initial distribution of firms, we will have a unique solution for this dynamic system, which will coincide with the evolution of the economy, that is, the evolution of prices and equilibrium allocations.

Keywords: General Equilibrium; Neoclassical ownership private production economy; Regular and singular economies; Evolution; Crisis (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:96:y:2021:i:c:s0304406821000768

DOI: 10.1016/j.jmateco.2021.102513

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