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The basic structure of neoclassical general equilibrium theory

[journal article]

Balzer, Wolfgang; Hamminga, B.

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Abstract The macro theory of general equilibrium of a closed economy (GECE) is concisely formulated. Seen from two or more countries, the following notions used in the models are: kinds of goods and factors, output of goods, input of factors, price of goods and factors, endowment-, production-, and utility-function. The last three notions are treated as GECE-theoretical. The central hypothese of GECE using all the notions and several definitions, says that in all intended systems there exist equilibrium states. Here the inadequate distinction between GECE-theoretical and non-GECE-theoretical notions is used. But the formal apparatus constructed here can be used also in the more adequate meta-theoretical approach.
Keywords theoretical economics
Classification National Economy
Free Keywords macro economics; theory; model; structure; neoclassic economics; equilibrium
Document language English
Publication Year 1986
Page/Pages p. 31-46
Journal Erkenntnis, 25 (1986) 1
Status Published Version; reviewed
Licence Creative Commons - Attribution-Noncommercial-No Derivative Works