Everything about Partial Equilibrium totally explained
A
partial equilibrium is a type of
economic equilibrium, where the clearance on the market of some specific goods is obtained independently from prices and quantities demanded and supplied in other markets. In other words, the prices of all substitutes and complements, as well as income levels of consumers are constant. Here the dynamic process is that prices adjust until supply equals demand. It is a powerfully simply technique that allows one to study
equilibrium,
efficiency and
comparative statics.
History
Léon Walras first formalized the idea of a one-period economic equilibrium of the general economic system, but it was French economist
Antoine Augustin Cournot and English political economist
Alfred Marshall who developed tractable models to analyze an economic system.
Further Information
Get more info on 'Partial Equilibrium'.
|
External Link Exchanges
Do you know how hard it is to get a link from a large encyclopaedia? Well we're different and will prove it. To get a link from us just add the following HTML to your site on a relevant page:
<a href="http://partial_equilibrium.totallyexplained.com">Partial equilibrium Totally Explained</a>
Then simply click through this link from your web page. Our crawlers will verify your link, extract the title of your web page and instantly add a link back to it. If you like you can remove the words Totally Explained and embed the link in article text.
As long as your link remains in place, we'll keep our link to you right here. Please play fair - our crawlers are watching. Your site must be closely related to this one's topic. Any kind of spamming, dubious practises or removing the link will result in your link from us being dropped and, potentially, your whole site being banned. |
