An Introduction to the Economic Theory of Market Behavior
| By: | Donald W. Katzner |
| Publisher: | Edward Elgar Publishing Inc. |
| Print ISBN: | 9781845425104 |
| eText ISBN: | 9781845425104 |
| Edition: | 0 |
| Copyright: | 2006 |
| Format: | Page Fidelity |
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The book provides substantial discussion of the model’s methodological background; returns to scale; the transformation surface and the fixed-factor-supply economy; existence, uniqueness, and stability of equilibria; the dynamics of market adjustments; methodological individualism and the theory of price determination; imperfectly competitive markets; welfare economics; and the role of money capital in the operation of the firm. The author suggests that the abandonment of general equilibrium theory by microeconomists is a mistake, and that it is too soon to give up on the possibility of constructing an adequate analysis of uniqueness, global stability, and price determination.