Static and Dynamic Aspects of General Disequilibrium Theory

Mathematical economics uses mathematical tools and reasoning to describe and explain economic reality. At the core of mathematical economics is general equilibrium theory. This text describes and analyzes various general equilibrium models, treating theory from an axiomatic point of view, which may lead to a deeper understanding of problems, may help to avoid incorrect reasoning, and may improve communication within the economic science. This volume consists of four parts, each of which is self-contained. Part I deals with the mathematical and economic preliminaries. Part II considers the static aspects of disequilibrium theory. Part III determines price rigidities endogenously. Finally, Part IV deals with dynamic aspects of disequilibrium theory.