Abstract
The general equilibrium model, as elaborated by Walras and his successors, is one of the most comprehensive and ambitious formulations in the current body of economic theory. The basic ingredients with which the Walrasian model is constructed are remarkably spare: a specification of the asset ownership and preferences for goods and services of the consuming units in the economy, and a description of the current state of productive knowledge possessed by each of the firms engaged in manufacturing or in the provision of services. The model then yields a complete determination of the course of prices and interest rates over time, levels of output and the choice of techniques by each firm, and the distribution of income and patterns of saving for each consumer.
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Scarf, H.E. (1989). Computation of General Equilibria. In: Eatwell, J., Milgate, M., Newman, P. (eds) General Equilibrium. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19802-3_8
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DOI: https://doi.org/10.1007/978-1-349-19802-3_8
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