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Economic model
The classical general equilibrium model aims to describe the economy by aggregating the behavior of individuals and firms. Note that the classical general
Classical general equilibrium model
Classical_general_equilibrium_model
School of thought in economics
Some, such as Terry Peach, see classical economics as of antiquarian interest. Classical general equilibrium model Classical liberalism Constitutional economics
Classical_economics
Theory of equilibrium between supply and demand
its other factors are held constant. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which
General_equilibrium_theory
Macroeconomic model relating interest rates and output
illustrates a "general equilibrium" where supposed simultaneous equilibria occur in both the goods and the money markets. The IS–LM model shows the importance
IS–LM_model
Macroeconomic method
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary
Dynamic stochastic general equilibrium
Dynamic_stochastic_general_equilibrium
Economic Model
In mathematical economics, the Arrow–Debreu model is a theoretical general equilibrium model. It posits that under certain economic assumptions (convex
Arrow–Debreu_model
Circular flow of income — Classical economics – Classical general equilibrium model – Coase conjecture – Coase theorem – Cobweb model – Collective action –
Index_of_economics_articles
How equities and debt instruments are valued
pricing, together with the resultant models. The treatment inheres the interrelated paradigms of general equilibrium asset pricing and rational asset pricing
Asset_pricing
result to prove the existence of a Walrasian equilibrium (aka competitive equilibrium) in the Arrow–Debreu model. Later, Shafer and Sonnenschein extended
Abstract_economy
School of thought in macroeconomics
demonstrated with small models and new classical work on real business cycle theory that used fully specified general equilibrium models and used changes in
New_classical_macroeconomics
Family of macroeconomic models
Stock-flow consistent models (SFC) are a family of non-equilibrium macroeconomic models based on a rigorous accounting framework, that seeks to guarantee
Stock-flow_consistent_model
Branch of economic theory
economic equilibrium do not hold. Economic models in the tradition of partial or general equilibrium theory rely on the notion of economic equilibrium: because
Non-equilibrium_economics
State of thermodynamic systems where no net flow of matter or energy occurs
thermodynamic equilibrium), accompanied by an increase in the system's entropy. Classical thermodynamics deals with states of dynamic equilibrium. The state
Thermodynamic_equilibrium
Phillips curve to model price-level changes. Some Keynesians opposed the synthesis method of combining Keynes's theory with an equilibrium system and advocated
History of macroeconomic thought
History_of_macroeconomic_thought
Group of macroeconomic theories
terms. The classical tradition of partial equilibrium theory had been to split the economy into separate markets, each of whose equilibrium conditions
Keynesian_economics
Model used in Macroeconomics
macroeconomic models based on rational choice, which have come to be called dynamic stochastic general equilibrium (DSGE) models. These models begin by specifying
Macroeconomic_model
Situation where economic forces are balanced
of equilibrium in general have been proposed by Huw Dixon. These are: Equilibrium property P1: The behavior of agents is consistent. Equilibrium property
Economic_equilibrium
Theory of macroeconomic fluctuations
The monetary-equilibrium framework is in some ways not at all different from the classical model. The three central theories of the classical school are
Monetary-disequilibrium theory
Monetary-disequilibrium_theory
1936 book by John Maynard Keynes
even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises. The General Theory
The General Theory of Employment, Interest and Money
The_General_Theory_of_Employment,_Interest_and_Money
Economic model
Marktform und Gleichgewicht (Market Structure and Equilibrium) in 1934, which described the model. In game theory terms, the players of this game are
Stackelberg_competition
American economist (1919–2010)
research focused on general equilibrium and capital theory. Although most widely known as a co-creator of the Arrow–Debreu–McKenzie model, he also published
Lionel_W._McKenzie
Possible fate of the universe
which challenged the classical concept of an infinitely old universe, since the universe has not achieved its thermodynamic equilibrium, thus further work
Heat_death_of_the_universe
Branch of thermodynamics
non-equilibrium systems requires more general concepts than are dealt with by equilibrium thermodynamics. One fundamental difference between equilibrium thermodynamics
Non-equilibrium thermodynamics
Non-equilibrium_thermodynamics
Model of an economic market
endowment. The main use of the Edgeworth box is to introduce topics in general equilibrium theory in a form in which properties can be visualised graphically
Edgeworth_box
Economic model for international trade
The Heckscher–Ohlin model (/hɛkʃr ʊˈliːn/, H–O model) is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and
Heckscher–Ohlin_model
behavior of individuals and firms. Note that the classical general equilibrium model is unrelated to classical economics, and was instead developed within
Glossary_of_economics
Physical quantity of hot and cold
thermal equilibrium with a third system then they are in thermal equilibrium with each other." Buchdahl, H.A. (1966). The Concepts of Classical Thermodynamics
Temperature
Physics of many interacting particles
While classical thermodynamics is primarily concerned with thermodynamic equilibrium, statistical mechanics has been applied in non-equilibrium statistical
Statistical_mechanics
Approach to economics
de-emphasized. Economic subjectivism accompanies these emphases. See also general equilibrium. Neoclassical economics uses the utility theory of value, which states
Neoclassical_economics
Fusion of macroeconomic schools of thought
split between partial-equilibrium New Keynesian work on market imperfections demonstrated with small models and new classical work on real business cycle
New_neoclassical_synthesis
Framework in macroeconomics
important aspect of the OLG model is that the steady state equilibrium need not be efficient, in contrast to general equilibrium models where the first welfare
Overlapping_generations_model
Neoclassical economic model
equations are the one that converges to the optimal steady-state equilibrium of the model. This result is derived in Cass' paper via the imposition of a
Ramsey–Cass–Koopmans_model
Quantifiable conditions of a thermodynamic system at a specific time
ideal condition is that of a stable equilibrium state. Such a state is a primitive object of classical or equilibrium thermodynamics, in which it is called
Thermodynamic_state
Economic model of price determination in a market
demand-aggregate supply model has been used to depict how the quantity of total output and the aggregate price level may be determined in equilibrium. However, the
Supply_and_demand
Postwar academic movement in economics
Keynesian theory into the more traditional terms of a simplified general equilibrium model with three markets: goods, money, and financial assets. This work
Neoclassical_synthesis
Economic equilibrium concept
Competitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951
Competitive_equilibrium
Economic dispute
shifted from general equilibrium style (high-dimension) models to simple, mainly one-good models. Ramsey-style dynamic-optimization models have largely
Cambridge_capital_controversy
Physics of heat, work, and temperature
article is focused mainly on classical thermodynamics which primarily studies systems in thermodynamic equilibrium. Non-equilibrium thermodynamics is often
Thermodynamics
Application of information theory to thermodynamics and statistical mechanics
maximum entropy thermodynamics (colloquially, MaxEnt thermodynamics) views equilibrium thermodynamics and statistical mechanics as inference processes. More
Maximum entropy thermodynamics
Maximum_entropy_thermodynamics
Description of a system using mathematical concepts and language
for all }}i=1,2,\dots ,n.} This model has been used in a wide variety of economic contexts, such as in general equilibrium theory to show existence and Pareto
Mathematical_model
Field of scientific study
terms of a concept called thermodynamic equilibrium. The word equilibrium implies a state of balance. Equilibrium thermodynamics, in origins, derives from
Equilibrium_thermodynamics
Macroeconomic model relating aggregate demand and supply
advanced and complex dynamic stochastic general equilibrium (DSGE) models which are state-of-the-art models used by central banks and other organizations
AD–AS_model
[non-equilibrium] steady states (despite many claims in the literature)." It follows that any general extremal principle for a non-equilibrium problem
Extremal principles in non-equilibrium thermodynamics
Extremal_principles_in_non-equilibrium_thermodynamics
State of balance among a set of beliefs, arrived at by considering general principles
Reflective equilibrium is a state of balance or coherence among a set of beliefs arrived at by a process of deliberative mutual adjustment among general principles
Reflective_equilibrium
Study of interactions between travellers and infrastructure
vehicle speed. This classical traffic flow instability was introduced in 1959–61 in the General Motors (GM) car-following model by Herman, Gazis, Montroll
Traffic_flow
Scientific subjects
and chaos theory and cosmology; and interdisciplinary fields. Classical mechanics is a model of the physics of forces acting upon bodies; includes sub-fields
Branches_of_physics
Mathematical model which approximates the behavior of real gases
Fundamentals of Equilibrium and Steady-State Thermodynamics. Amsterdam: Elsevier. p. 88. ISBN 0-444-50426-5. Attard, Phil (2012). Non-equilibrium thermodynamics
Ideal_gas
1937 economic paper by John Hicks
classical analysis. The quantity theory has precisely the sense Hicks gave to it. In classical theory the equation I (r) = S(Y,r) is the equilibrium condition
Mr._Keynes_and_the_"Classics"
Field of statistical mechanics
two different non-equilibrium steady states. This is shown to be a special case of a more general relation. Seifert writes: Classical thermodynamics, at
Stochastic_thermodynamics
Measure of a system's order
A(t_{1})B(t_{2})\rangle } and this definition applies for both classical and quantum version. For stationary (equilibrium) system, the time origin is irrelevant, and C
Correlation function (statistical mechanics)
Correlation_function_(statistical_mechanics)
School of economic thought
discussed as non-equilibrium economics. In the neoclassical synthesis, equilibrium models were the rule. In these models, rigid wages modeled unemployment
Disequilibrium_macroeconomics
Economic theory
new equilibrium long-term value. Dornbusch developed this model back when many economists held the view that ideal markets should reach equilibrium and
Overshooting_model
Quantitative economic model
well as for regions. The Leontief system can be extended to a model of general equilibrium; it offers a method of decomposing work done at a macro level
Input–output_model
Concepts in economics
concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long run contrasts with the
Long_run_and_short_run
Mathematical representation of economic system
a general equilibrium model, a partial equilibrium model, or even a non-equilibrium model; according to the economic agent's characteristics, models can
Economic_model
Field of study in physics
hydrodynamics started out from the need to model non-equilibrium, but still integrable systems (both quantum and classical). The equations of GHD are collisionless
Generalized_hydrodynamics
Property of a thermodynamic system
In classical thermodynamics, the entropy of a system is defined if and only if it is in a thermodynamic equilibrium (though a chemical equilibrium is
Entropy
Application of complexity science to economics
economics, including general equilibrium theory. While it does not reject the existence of an equilibrium, it features a non-equilibrium approach and sees
Complexity_economics
School of macroeconomics
Huw Dixon and Gregory Mankiw developed independently simple general equilibrium models showing that the fiscal multiplier could be increasing with the
New_Keynesian_economics
Probability distribution of energy states of a system
found in a given single-particle state, in a classical gas of non-interacting particles at equilibrium. This expected number distribution has the Boltzmann
Boltzmann_distribution
Body of matter in a state of internal equilibrium
of the walls that separate the bodies. Equilibrium thermodynamics in general does not measure time. Equilibrium thermodynamics is a relatively simple and
Thermodynamic_system
Market structure in which firms are price takers for a homogeneous product
In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions
Perfect_competition
Initial step in the phase transition or molecular self-assembly of a substance
a model of perfectly hard spheres in thermal motion, and is a simple model of some colloids. For the crystallisation of hard spheres, the classical theory
Nucleation
Equations describing behavior of a model
state mode. Results from one thermodynamic equilibrium calculation are input data to the next equilibrium calculation together with some new state parameters
Governing_equation
Economic theorem
The Sonnenschein–Mantel–Debreu theorem is an important result in general equilibrium economics, proved by Gérard Debreu, Rolf Mantel [es], and Hugo F
Sonnenschein–Mantel–Debreu theorem
Sonnenschein–Mantel–Debreu_theorem
Spanish economist of the Austrian School (born 1956)
that Soto scorns general equilibrium theory, citing a passage in which Soto refers to the "pernicious analysis" of price equilibrium at "the intersection
Jesús_Huerta_de_Soto
Computational quantum mechanical modelling method to investigate electronic structure
Classical DFT was applied to colloid dispersions, which were discovered to be good models for atomic systems. By assuming local chemical equilibrium and
Density_functional_theory
Type of mathematical model used for infectious diseases
}}.} Similarly to the SIR model, also, in this case, we have a Disease-Free-Equilibrium (N,0,0,0) and an Endemic Equilibrium EE, and one can show that
Compartmental models (epidemiology)
Compartmental_models_(epidemiology)
Income or output generated from economic inputs or investments
others embedded returns analysis within growth theory and general equilibrium frameworks. In classical and neoclassical economics, the total output of an economy
Economic_return
Economic model
expectations. It delivered a new classical explanation of the Phillips curve relationship between unemployment and inflation. The model was formulated by Robert
Lucas_islands_model
Description of large objects' physics
properties of materials. Classical mechanics models real-world objects as point particles, that is, objects with negligible size. Classical mechanics describes
Classical_mechanics
Method to determine the electronic structure of strongly correlated materials
lattice quantum models is similar to the mean-field theory (MFT) treatment of classical models such as the Ising model. In the Ising model, the lattice problem
Dynamical_mean-field_theory
Study of an economy as a whole
large-scale macroeconometric model, the new classical real business cycle models, microfounded computable general equilibrium (CGE) models used for medium-term
Macroeconomics
Tendency of bodies towards thermal equilibrium
is the process of physical bodies reaching thermal equilibrium through mutual interaction. In general, the natural tendency of a system is towards a state
Thermalisation
Concept in economics
intersect or produce an equilibrium. On the other hand, when b < 1 {\displaystyle b<1} , an equilibrium can be found. AD–AS model IS–LM model "11.3 The Expenditure-Output
Keynesian_cross
Reacting chemical mixture in which the concentrations change periodically
class of reactions that serve as an example of non-equilibrium thermodynamics with far-from-equilibrium behavior. The reactions are theoretically important
Chemical_oscillator
Mathematical model of a system in control engineering
and system identification, a state-space representation is a mathematical model of a physical system that uses state variables to track how inputs shape
State-space_representation
Model of long-run economic growth
production function. A standard Solow model predicts that in the long run, economies converge to their balanced growth equilibrium and that permanent growth of
Solow–Swan_model
Groups who share a common perspective
importance of general equilibrium, the methodology related to models used for certain purposes (e.g. statistical models for forecasting, structural models for counterfactual
Schools_of_economic_thought
Mathematical models of strategic interactions
provided a model of competition in oligopolies. Though he did not refer to it as such, he presented a solution that is the Nash equilibrium of the game
Game_theory
Rare schools of economic thought
existence of supply and demand correspondences for which market clearing equilibrium prices exist, if there are large numbers of consumers and producers.
Heterodox_economics
Concept in general relativity and quantum field theory
hole thermodynamics; it is the most widely accepted physical model that combines general relativity, quantum field theory, and thermodynamics, though
Black_hole_thermodynamics
Contraction of an astronomical object due to the influence of its gravity
state of thermodynamic equilibrium. During the star's evolution a star might collapse again and reach several new states of equilibrium. An interstellar cloud
Gravitational_collapse
Law about the rate of chemical reactions
behaviors of solutions in dynamic equilibrium. Specifically, it implies that for a chemical reaction mixture that is in equilibrium, the ratio between the concentration
Law_of_mass_action
Interdisciplinary research discipline
complex macroeconomic models, including the real business cycle (RBC) model and dynamic stochastic general equilibrium (DSGE) models have propelled the development
Computational_economics
Principle in kinetic systems
direction must also allow energy transfer in the opposite direction, and in equilibrium, the flux in both directions must be equal. For example, the principle
Detailed_balance
Principle to predict effects of a change in conditions on a chemical equilibrium
Dictionary In scenarios outside thermodynamic equilibrium, there can arise phenomena in contradiction to an over-general statement of Le Chatelier's principle
Le_Chatelier's_principle
Physical law for entropy and heat
developed into a rigorous formulation of the general axiomatic foundations of equilibrium and nonequilibrium, classical, statistical, and quantum thermodynamics
Second_law_of_thermodynamics
Quantum mechanical model
harmonic potential at the vicinity of a stable equilibrium point, it is one of the most important model systems in quantum mechanics. Furthermore, it is
Quantum_harmonic_oscillator
Game in economic experiments
section can be extended to the more general case where the proposer can choose from many different splits. A Nash equilibrium is a set of strategies (one for
Ultimatum_game
Process of building computer models of energy systems in order to analyze them
equilibrium or general equilibrium. General equilibrium models represent a specialized activity and require dedicated algorithms. Partial equilibrium
Energy_modeling
School of economic thought (1930s)
Keynes’ General Theory-by Philip Pilkington A Methodolological Issue: Ex-Ante and Ex-Post,Claude Gnos Gunnar Myrdal, growth processes and equilibrium theory
Stockholm_School_(economics)
Branch of applied mathematics
(such as a market or the economy) is modeled as not changing comparative statics as to a change from one equilibrium to another induced by a change in one
Mathematical_economics
Mathematical model in nuclear physics
List of equations in nuclear and particle physics Transient equilibrium Secular equilibrium Pharmacokinetics, loose applicability Rutherford, E. (1905)
Bateman_equation
Mathematical optimization concept
"General Equilibrium Model and Dual Linear Program". CRAN - R Project. Retrieved 2023-06-26. Detailed documentation on the General Equilibrium Model and
Dual_linear_program
Model of intermolecular interactions
homogeneous equilibrium properties like p v T {\displaystyle pvT} – or internal energy data. Moreover, a large number of analytical models (equations of
Lennard-Jones_potential
Mathematical model of ferromagnetism in statistical mechanics
Ising model is a model for equilibrium. Roy J. Glauber in 1963 studied the Ising model evolving in time, as a process towards thermal equilibrium (Glauber
Ising_model
Equation describing a state of matter under a given set of conditions
frequently been used for the modelling of the Lennard-Jones fluid. There are several extensions and modifications of the classical BWR equation of state available
Equation_of_state
important new classical economics theories about the division of labor and the specialization of economic thoughts. They made an equilibrium model, which uses
Inframarginal_analysis
Idealization of a large number of atomic-sized systems
in statistical equilibrium (defined below), and is used to derive the properties of thermodynamic systems from the laws of classical or quantum mechanics
Ensemble (mathematical physics)
Ensemble_(mathematical_physics)
CLASSICAL GENERAL-EQUILIBRIUM-MODEL
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CLASSICAL GENERAL-EQUILIBRIUM-MODEL
CLASSICAL GENERAL-EQUILIBRIUM-MODEL