Warianty tytułu
A Proposal of Dynamics Partial Equilibrium Models
Języki publikacji
Abstrakty
Przedstawiono propozycję dynamicznych modeli cząstkowej równowagi rynkowej.
The stability of market equilibrium is usually analysed in the neoclassical economics with the help of standard demand - supply model. Since the author considers demand and supply functions an excessive simplification of economic reality, he has proposed in the paper a recursive model of single good market (for, respectively, a basic and luxurious good). The issue of stability in this market has also been investigated. The model contradicts the classical market equilibrium theory because it points out that - even with standard reactions of demand and supply on changes in prices - when the state fails to correct the performance of market (e.g. through imposing new taxes) it can result in the overall instability of the market under consideration and lead to chaotic price fluctuations or sudden increases or decreases in prices.
The recursive equilibrium model for the market of two substitutes, with taking into account three potential cases: two basic goods, two luxurious goods, one basic and one luxurious good, has also been developed. A next model relates to interdependencies between the equilibrium on two markets: single production factor and single final good. For both models the market stability conditions and possibilities of their impairing through the state intervention have been considered. (original abstract)
The recursive equilibrium model for the market of two substitutes, with taking into account three potential cases: two basic goods, two luxurious goods, one basic and one luxurious good, has also been developed. A next model relates to interdependencies between the equilibrium on two markets: single production factor and single final good. For both models the market stability conditions and possibilities of their impairing through the state intervention have been considered. (original abstract)
Czasopismo
Rocznik
Tom
Numer
Strony
50--63
Opis fizyczny
Twórcy
autor
Bibliografia
- Allen R.G.D.: Ekonomia matematyczna. Warszawa: PWN 1961.
- Gandolfo G.: Economics Dynamics: Methods and Models. Amsterdam: North Holland Publishing Company 1980
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000170739966
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