New Economic Theory Reveals Balance of Supply, Demand, and Prices
The article explains how supply and demand in economics are balanced through pricing mechanisms in a concept called general equilibrium. The authors delve into the mathematical tools and properties of this theory, showing how it has evolved to include multiple markets and economic agents. They explore how the equilibrium manifold approach can be applied to various economic models, from basic consumer theory to models with private ownership of production. The book also looks at different equilibrium solutions and market price discontinuities using economic concepts and differential topology methods. Overall, the research provides a clear and accessible foundation for understanding current economic models, making it useful for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.