The tax or expenditure is likely to lead to changes in endowments and may well affect the general equilibrium of the economy.
In effect, they involve a comparison of the general equilibrium of the economy with and without the government budget.
Figure 4 illustrates that the general equilibrium we have just derived is indeed a stable one.
At general equilibrium, there is same equilibrium in both markets.
Fisher made important contributions to utility theory and general equilibrium.
His research focused on general equilibrium and capital theory.
Firstly, there is no necessary relationship between monetary and general equilibrium.
In the general equilibrium model savings must equal investment for the economy to clear.
His main contributions were to the fields of general equilibrium and econometrics.
Like general competitive equilibrium, this theory too is beautiful but, I think, deeply flawed.
Wörterbuch für Wirtschaftswissenschaft