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General Equilibrium Theory of Value$
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Yves Balasko

Print publication date: 2011

Print ISBN-13: 9780691146799

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691146799.001.0001

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Postscript

Postscript

Chapter:
(p.145) Postscript
Source:
General Equilibrium Theory of Value
Author(s):

Yves Balasko

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691146799.003.0013

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.

Keywords:   general equilibrium model, standard model, modern economies, firms, competitive markets

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