This chapter begins with a brief discussion of the topicality of the standard model. The general equilibrium model studied in this book, a model that we can call the standard model, offers us a description of modern economies with their competitive markets and firms that is sufficiently general to be economically relevant without being too complex to make its study intractable. Many simpler models exist, but their relevance is doubtful at best because those models are too simplistic. The chapter then discusses other ways to extract information from an equation system and the application of the standard model to second-generation general equilibrium models.
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