The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Regular Economies

  • Egbert Dierker
Reference work entry


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.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Egbert Dierker
    • 1
  1. 1.