Chapter

<b>G</b>ene<b>R</b>al <b>EQ</b>uilibrium <b>E</b>conomics: Allowing for Imperfect Competition

Jean J. Gabszewicz

in Economics Beyond the Millennium

Published in print September 1999 | ISBN: 9780198292111
Published online November 2003 | e-ISBN: 9780191596537 | DOI: http://dx.doi.org/10.1093/0198292112.003.0008

Series: The ASSET Series

 GeneRal EQuilibrium Economics: Allowing for Imperfect Competition

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The author argues that the only possible microeconomic theory is the one based on the general equilibrium model. After a historical account of efforts to incorporate agents with market power into the general equilibrium model, he discusses the problems faced in this area and possible avenues for future research. He sees, as one of the major stumbling blocks to this endeavour, the difficulties in incorporating production and particularly increasing returns to scale into the model.

Keywords: imperfect competition; general equilibrium; increasing returns to scale; production

Chapter.  5532 words. 

Subjects: Macroeconomics and Monetary Economics

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