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This chapter examines the explanatory purpose of building equilibrium models and the need to consider dynamics and disequilibria. It examines Marshall’s two ‘Principles’ of explanation, the ‘Principle of Substitution’ (essentially the usual neoclassical premise that every decision maker is a maximizer) and the ‘Principle of ...
- Equilibrium Models in Economics: Purposes and Critical Limitations
This book critically examines both model building cultures...
- Equilibrium Models in Economics: Purposes and Critical Limitations
23 Φεβ 2008 · The first one deals with how economics has borrowed equilibrium concepts and methods from the natural sciences, the second with how equilibrium was conceptualised and used by some early economic theorists, and the third with issues concerning equilibrium in modern economic theory.
13 Ιαν 2023 · In economics as well as in biology, advance indicators of employment or climate are systematically measured as a means to foresee world-scale crises. Yet even when the causes are known, the current capability to influence global processes is too limited to enforce systematic changes.
11 Αυγ 2021 · Equilibrium models (EMs) enhance our understanding of these interactions by simulating change in sectoral demand according to a wide range of scenarios, making them an essential component of most integrated assessment models (IAMs).
27 Απρ 2017 · This book critically examines both model building cultures by examining the major problematic assumptions employed building equilibrium models with particular attention to the assumptions used to characterize learning, knowledge, and expectations.
This analysis of studies using equilibrium models provides an introduction to how they have been employed across a wide range of disciplines with an emphasis on their application within environmental analyses.
Lawrence Boland’s discussion of equilibrium models focuses on the “attainment” of equilibrium: How does a model move from out-of-equilibrium (or “disequilibrium”) positions toward equilibrium? The book starts with an assessment of the “standard textbook equilibrium model” (which is presented by Boland in the Prologue to the book).
