Evenly rotating economy: A new modeling technique for an old equilibrium construct

Evenly rotating economy: A new modeling technique for an old equilibrium construct In the middle of the twentieth century, just five years before Arrow and Debreu proved the existence of an equilibrium for a competitive economy in the Walrasian system, Ludwig von Mises introduced the English-speaking world to his alternative equilibrium construct: the evenly rotating economy. In contrast to Arrow and Debreu, which characterizes equilibrium as a unique vector of prices and quantities, Mises depicts equilibrium as a pattern of behavior. After reviewing the Misesian conception of equilibrium and its failure to take hold in the profession, I turn to the modern literature. I contend that the evenly rotating economy is a special case of the now-prevalent class of search-theoretic exchange models. As such, I argue that this class of models is particularly well suited for applications considered by economists working in the Austrian tradition. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Evenly rotating economy: A new modeling technique for an old equilibrium construct

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Springer US
Copyright © 2013 by Springer Science+Business Media New York
Economics / Management Science; Public Finance & Economics; Political Science, general; Methodology and the History of Economic Thought
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