The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Regular Economies

  • Egbert Dierker
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1670

Abstract

General equilibrium theory describes those states of an economy in which the individual plans of many agents with partially conflicting interests are compatible with each other. Such a state is called an equilibrium. The concept of an equilibrium simply being based on a consistency requirement lends itself to the study of specific questions of quite different character. Indeed, equilibrium theory provides a unifying framework for the analysis of questions arising in various branches of economic theory. In our opinion it is fruitful to view equilibrium theory as a method of thinking applicable to a variety of problems of different origin.

JEL Classifications

D5 
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Bibliography

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Egbert Dierker
    • 1
  1. 1.