Economists Unveil New Approach to Tackle Indeterminate Market Equilibria
This paper discusses a new way to look at how economic policies affect markets. Unlike traditional theories, the method suggested here doesn't assume that markets are always in balance. Instead, it deals with the uncertainty of complex economic models and offers practical ways to calculate what-if scenarios. The researchers provide strategies for computing alternative market situations, even when things are not clear-cut. They have put together a collection of essays and a math appendix to support their approach, showcasing a framework that breaks away from older theories of value and competition.