rebus 30th anniversary
Search our site
Are You Sleeping by Kathleen Barber Read the opening extract of the brand new Kathleen Barber book before its publication on 27/12/2017

Exploring General Equilibrium by Fischer Black, Edward L. Glaeser
  

Synopsis

Exploring General Equilibrium by Fischer Black, Edward L. Glaeser

An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper.Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts -- generalized observations from the real world -- that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.

About the Author

Fischer Black (1938--1995), coauthor with Myron Scholes ofthe Black-Scholes equation on option pricing, held positionsat the University of Chicago, MIT's Sloan School of Management,and Goldman Sachs. In 1997, Scholes received the Nobel Prize in Economics for his work with Black on option pricing.

More books by this author
Author 'Like for Like' recommendations

Loading other formats...

Book Info

Publication date

21st May 2010

Author

Fischer Black, Edward L. Glaeser

More books by Fischer Black, Edward L. Glaeser
Author 'Like for Like'
    recommendations

Publisher

MIT Press an imprint of MIT Press Ltd

Format

Paperback
360 pages
Interest Age: From 18 years

Categories

Popular economics
Credit & credit institutions

ISBN

9780262514095

At Lovereading there are fabulous books available in every genre, with great reviews to help you pick the right book for you.

Teresa O'Halloran

What can I say, the clue is in the title Lovereading - and awesome books.

Sarah Davis

If you LOVE reading then you will love LOVEREADING! It's a 'novel' idea. Seriously though I could not recommend them enough.

Rebecca Whymark

It is a website dedicated to those who adore reading It really is a one stop shop for book lovers. Love it!

Edel Waugh

Lovereading is like booking a holiday, you don't know what it will be like and it is a whole new experience.

Sue Burton

A great place to go to find your next literary escape, and where you don't have to judge a book by its cover!

Suzanne Beney

I love Lovereading for the wonderful like for like author recommendations and for highlighting new books, it's a great resource for readers!

Lindsay

They are bright, breezy and eager to offer a great book, then genuinely listen/respect the review one writes.

Maggie Crane

Lovereading4kids

Lovereading4schools