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General Equilibrium

  • Lionel W. Mckenzie
Reference work entry

Abstract

General equilibrium theory is in contrast with partial equilibrium theory where some specified part of an economy is analysed while the influences impinging on this sector from the rest of the economy are held constant. In general equilibrium the influences which are treated as constant are those which are considered to be noneconomic and thus beyond the range of economic analysis. Of course, this does not guarantee that these influences will in fact remain constant when the economic factors change, and the usefulness of economic analysis for predictive purposes may depend on to what degree influences treated as noneconomic are really independent of the economic variables.

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© Palgrave Macmillan, a division of Macmillan Publishers Limited 2008

Authors and Affiliations

  • Lionel W. Mckenzie

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