Economics, Econometrics and Finance
7 years ago

Unlocking Economic Stability: Neoclassical Model Reveals Optimal Market Equilibrium Conditions

Elsevier eBooks
The Ideal Neoclassical Market and General Equilibrium**Matthias Greiff has contributed to this chapter.
Wolfram Elsner, Torsten Heinrich, Henning Schwardt

Paper Summary

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The article explains neoclassical economic theory using the polypolistic competition model. It discusses how consumers and companies make optimal decisions, and shows conditions for market equilibrium. The article also explores how general equilibrium can exist as a unique and stable state. Additionally, it covers intertemporal optimizations and modifications to models that can lead to different results.