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Последователно развиващите се пазари и общото равновесие
Sequential markets and general equilibrium

Author(s): Yuli Radev
Subject(s): Economy, Financial Markets
Published by: Стопанска академия »Д. А. Ценов«
Keywords: general equilibrium; sequential markets; theory of temporary equilibrium; theory of plans; prices and price expectations; perfect foresight;

Summary/Abstract: An increasing number of analysts of the latest financial crisis employ arguments and models from different stages of the evolution of economics. We believe that this is the right approach, since no economic event, financialization included, should be viewed as unique or unparalleled. We agree that the answers to most questions relating to the boom-downturn cycle are to be sought in the behaviour of entities involved in the economic process and the so-called extrinsic uncertainty. It seems only logical that similar events should be considered extreme and uncontrollable varieties of typical deviations from normal conditions. Yet, it might prove to be rather misleading to randomly combine economic concepts. Therefore, this paper is an attempt to systematize alternative models of the dynamic equilibrium path around which balanced and sometimes dis-balanced markets temporarily converge. In the framework presented here, extrinsic uncertainty and institutional theory add to the neo-classical idea about markets through the generalizing concept of market disequilibrium.

  • Issue Year: 4/2014
  • Issue No: 2
  • Page Range: 140-164
  • Page Count: 25
  • Language: Bulgarian