Out of Equilibrium

Hardcover | April 1, 1998

byMario Amendola, Jean-Luc Gaffard

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Standard equilibrium economic models focus on interdependencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interactsequentially determines the evolution path of an economy. As a result, different processes may be associated with any kind of original shock. Whereas in equilibrium models these processes are determined by the 'fundamentals' of the economy, here the outcome is heavily influenced by the processesthemselves, the sequential decisions taken, and policies followed. The model proposed in this book is a heuristic tool that makes it possible to explore these `disequilibria'. By using it, economic phenomena and policy recommendations appear entirely different, and in most cases the interpretations made are diametrically opposite to those advocated by the dominantequilibrium theory, thus giving a new perspective on the recent past of the Western economies.

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From the Publisher

Standard equilibrium economic models focus on interdependencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interactsequentially determines the evolution path of a...

Mario Amendola is Professor of Economics at the University of Rome 'La Sapienza' and Chairman of the Scientific Committee of the Momigliano Institute for the Culture and History of the Firm (ICSIM). He is a former Director of the Department of Economic Sciences of the University of Rome 'La Sapienza'. Jean Luc Gaffard is Professor ...
Format:HardcoverPublished:April 1, 1998Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198293801

ISBN - 13:9780198293804

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