Out of equilibrium
By: Mario Amendola and Jean-Luc Gaffard.
Contributors: Gaffard, Jean-Luc.
Publisher: Clarendon Press; Oxford University Press
Published: 1998
Place of publication: Oxford
Language: eng
Number of pages: 280
Subjects: Equilibrium (Economics); Production (Economic theory); Saving and investment
Description: "Standard equilibrium economic models focus on interdepencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interact sequentially determines the evolution path of an economy. As a result, different processes may be associated with any kind of original shock. Whereas in equilibrium models these processes are determined by the 'fundamentals' of the economy, here the outcome is heavily influenced by the processes themselves, the sequential decisions taken, and policies followed."--Jacket.
Notes: Includes bibliographical references (p. [265]-273) and index.