Economics, Econometrics and Finance
4 years ago

Decentralized economy proves stable with agents controlling prices and trade.

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Documents de travail du Centre d'Economie de la Sorbonne
The Stability of Walrasian General Equilibrium
Herbert Gintis, Antoine Mandel

Paper Summary

The stability of equilibrium in a decentralized economy where prices are set by individuals has been proven. Production and trade can happen even when prices are not in balance.

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