Qualitative economic reasoning: a disequilibrium perspective

✍ Scribed by Kuan-Pin Lin; Arthur M. Farley

• Book ID: 104772520
• Publisher: Springer US
• Year: 1991
• Tongue: English
• Weight: 928 KB
• Volume: 4
• Category: Article
• ISSN: 1572-9974
• DOI: 10.1007/bf00436286

✦ Synopsis

Extending a qualitative simulation of a market-based equilibrium model, this paper demonstrates the technical applicability of partial simulation from a more realistic disequilibrium viewpoint, where a market cannot be cleared promptly and it is subject to quantity constraints of spillover from other imbalanced markets. Some well-known observations of disequilibrium economics such as the effectiveness of policy change in relation with disequilibrium regime are proven to be correct in qualitative reasoning and simulation.