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By John Eatwell, Murray Milgate, Peter Newman (eds.)

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Example text

M, provide a stationary equilibrium, then 19 General Equilibrium AP and Am h also provide one. This is the conclusion of Walras as well. On the other hand, the stationary equilibria of a monetary economy will differ from the stationary equilibria of a barter economy unless [) = 1. This is apparent from the fact that the barter economy's equilibria are Pareto optimal and the monetary economy's equilibria are not, unless [) = 1. Thus the simple 'classical dichotomy' does not hold. In addition to temporary equilibrium Hicks considered the possibility of equilibrium over time, in the sense that the expectations held by traders in one market about prices on future markets are realized when those future markets are held.

This represents a generalization of the classical existence theorem in the form given by McKenzie to the case of denumerably many commodities, retaining the assumption of a finite number of consumers. The argument is stated in terms of an infinite horizon and a finite number of goods in each period, but the original theorem is more general and applies to the case of uncertainty with an infinite number of events as well as to models with a continuum of commodities. The continuum of commodities may arise from a variation in the physical properties of the goods and services.

1951. Analysis of production as an efficient combination of activities. In Activity Analysis of Production and Allocation, ed. e. Koopmans, Wiley: New York. M. 1977. A note on fulfilled expectations equilibria. Journal of Economic Theory 14,32-43. W. 1954. On equilibrium in Graham's model of world trade and other competitive systems. Econometrica 22, 147-61. W. 1959. On the existence of general equilibrium for a competitive market. Econometrica 27, 54-71. W. 1981. The classical theorem on existence of competitive equilibrium.

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