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Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the 1930s and 1940s. This book focuses on the version of the theory developed in the second half of the twentieth century, referred to by Lionel McKenzie as the classical general equilibrium theory. McKenzie offers detailed and rigorous treatment of the classical model, giving step-by-step proofs of the basic theorems. In many cases he elaborates on the individual steps to give a fuller understanding of the underlying principles. His goal is to provide readers with a true mastery of the methodology so that they can derive new results that will further enrich their thinking about general equilibrium theory. Special attention is given to the McKenzie model, in which it is not assumed that the number of firms is given but rather that technologies or activities are available to any agents who can supply the resources they require. The McKenzie model is used to establish the turnpike theorems of optimal and competitive capital accumulation.

Business & Economics --- Economic Theory --- Equilibrium (Economics) --- History. --- ECONOMICS/Microeconomics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences)

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Microeconomics --- Equilibrium (Economics) --- Uncertainty --- 330.3 --- AA / International- internationaal --- 330.1 --- Reasoning --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- 330.1 Economische grondbegrippen. Algemene begrippen in de economie --- Economische grondbegrippen. Algemene begrippen in de economie --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- Equilibre economique --- Incertitude

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Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information.

Prices. --- Information theory in economics. --- Equilibrium (Economics) --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Economic cybernetics --- Econometrics --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Prices

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On February 2, 2002, Lithuania switched its currency anchor from the dollar to the euro. While pegging to the dollar (since April 1994) has proven successful throughout the transition years, the recent decision to peg to the euro was motivated by the increasing trade relations with European economies. Pizzati does not argue which peg is more appropriate, but he analyzes the implications of changing the exchange rate regime for different sectors and labor groups. While pegging to the euro entails more stability for the export sector, Lithuania is still dependent on dollar-based imports of primary goods from the Commonwealth of Independent States, more so than other Baltic countries or Central European economies. Pizzati uses a multisector general equilibrium model to compare the effects of dollar-euro exchange rate movements under these alternative pegs. Overall, simulation results suggest that while a euro-peg will provide more stability to GDP and employment, it will also imply more volatility in prices, suggesting that under the new peg macroeconomic policy should be more concerned with inflationary pressures than before. From a sector-specific perspective, pegging to the euro will provide a more stable demand for unskilled-intensive manufacturing and commercial services. But other sectors, such as agriculture, will still face the same vulnerability to exchange rate movements. This suggests that additional policy measures may be needed to compensate sector-specific divergences. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region-is part of a larger effort in the region to address European Union integration issues in transition economies. Please contact Lodovico Pizzati, room H4-214, telephone 202-473-2259, fax 202-614-0683, email address lpizzati@worldbank.org.

Currencies and Exchange Rates --- Currency --- Currency Board --- Currency Board Arrangement --- Currency Peg --- Debt Markets --- Demand --- Domestic Currency --- Economic Theory and Research --- Economies --- Emerging Markets --- Exchange-Rate --- Finance and Financial Sector Development --- General Equilibrium --- General Equilibrium Model --- Imports --- Inflation --- Inflationary Pressures --- Labor Market --- Labor Markets --- Macroeconomic Policy --- Macroeconomics and Economic Growth --- Open Economy --- Pegs --- Private Sector Development --- Rate Movements --- Social Protections and Labor --- Trade Relations --- World Market

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Foreign exchange --- Equilibrium (Economics) --- Competition, imperfect --- Oligopolies --- AA / International- internationaal --- 305.92 --- 382.11 --- 380.4 --- 380.20 --- Econometrie van de internationale handel. Handelsbalans, betalingsbalans. Wissel. --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering. --- Theorie van het ruilverkeer. --- Prijstheorieën: algemeenheden. --- Competition, Imperfect --- Economic concentration --- Monopolies, Partial --- Partial monopolies --- Interorganizational relations --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Imperfect competition --- Monopolies --- Econometrie van de internationale handel. Handelsbalans, betalingsbalans. Wissel --- Prijstheorieën: algemeenheden --- Theorie van het ruilverkeer --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering