Description
Book SynopsisThis major new book provides an accessible and innovative introduction to general equilibrium analysis and associated welfare economics. In this distinct and refreshing treatment, John Creedy develops a simple two sector model using only diagrams and simple mathematics to ensure that this treatment will be accessible to students.
The analysis of exchange and the gains from trade in the context of price taking behaviour are the subject of the first part of the book. Special attention is given to general equilibrium supply and demand curves and, in contrast with partial equilibrium treatments, the possibility of multiple equilibria. Trading at disequilibrium prices, the influence of the numbers of traders and bargaining solutions are then discussed before production is added to the analysis and the two sector model constructed.
General Equilibrium and Welfare will be welcomed for its accessible introduction to General Equilibrium analysis and for the strong emphasis it places on exchange, which is closely in line with the work of early neoclassical writers such as Jevons, Walras, Edgeworth and Wicksell.
Trade Review'. . . it is certainly well written and it is useful for students who are not seeking a stepping-stone to more advanced topics.' -- Rabee Tourky, La Trobe University, Australia
Table of ContentsContents: 1. Introduction Part I: Exchange with Price-Taking 2. Non-Utility Analysis 3. Utility Analysis of Exchange 4. Welfare Analysis of Exchange Part II: Exchange Without Price-Taking 5. Trading at Disequilibrium Prices 6. The Role of the Number of Traders 7. Bargaining Solutions Part III: General Equilibrium 8. The Two Sector Model 9. Solving the Two - Sector Model Index
