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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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General Economic Equilibrium

General Economic Equilibrium

(p.304) IV.5 General Economic Equilibrium
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

This is the fifth of six chapters on the logic of price. It is concerned with the proper microeconomic theory of general equilibrium understood as serving questions raised by Frederic Bastiat (1801–50) and illuminating Adam Smith's Invisible Hand, and going beyond basic theory of prices and the market. The eight sections of the chapter are: Crusoe's development; Edgeworth's box; three senses of equilibrium (centralized equilibrium, decentralized equilibrium, exchange equilibrium); feasible prices; a Cobb–Douglas world; the hyperbox; production and profit; and lessons in Edgeworth's box.

Keywords:   centralized equilibrium, Cobb–Douglas function, decentralized equilibrium, economic models, Edgeworth's box, exchange equilibrium, feasible prices, general equilibrium, hyperbox, market, microeconomics, price, production, profit, theory of general equilibrium

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