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22 relations: Don Patinkin, Economic equilibrium, Essays on Some Unsettled Questions of Political Economy, Excess demand function, Exchange economy, General equilibrium theory, Investopedia, John Stuart Mill, Keynesian economics, Léon Walras, Liquidity trap, Market clearing, Marshallian demand function, Neoclassical economics, Oskar R. Lange, ProQuest, Say's law, Shortage, Taylor & Francis, The New Palgrave Dictionary of Economics, University of Lausanne, Walrasian auction.
Don Patinkin
Don Patinkin (Hebrew: דן פטינקין) (January 8, 1922 – August 7, 1995) was an Israeli/American monetary economist, and the president of Hebrew University in Jerusalem.
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Economic equilibrium
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
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Essays on Some Unsettled Questions of Political Economy
Essays on Some Unsettled Questions of Political Economy (1844) is a treatise on political economics by John Stuart Mill.
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Excess demand function
In microeconomics, an excess demand function is a function expressing excess demand for a product—the excess of quantity demanded over quantity supplied—in terms of the product's price and possibly other determinants.
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Exchange economy
Exchange economy is technical term used in microeconomics research to describe interaction between several agents.
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General equilibrium theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
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Investopedia
Investopedia is a privately owned website based in New York City that focuses on investing education and financial news.
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John Stuart Mill
John Stuart Mill, also known as J.S. Mill, (20 May 1806 – 8 May 1873) was a British philosopher, political economist, and civil servant.
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Keynesian economics
Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).
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Léon Walras
Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.
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Liquidity trap
A liquidity trap is a situation, described in Keynesian economics, in which, "after the rate of interest has fallen to a certain level, liquidity preference may become virtually absolute in the sense that almost everyone prefers cash holding a debt which yields so low a rate of interest."Keynes, John Maynard (1936) The General Theory of Employment, Interest and Money, United Kingdom: Palgrave Macmillan, 2007 edition, A liquidity trap is caused when people hoard cash because they expect an adverse event such as deflation, insufficient aggregate demand, or war.
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Market clearing
In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand, so that there is no leftover supply or demand.
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Marshallian demand function
In microeconomics, a consumer's Marshallian demand function (named after Alfred Marshall) specifies what the consumer would buy in each price and income or wealth situation, assuming it perfectly solves the utility maximization problem.
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Neoclassical economics
Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.
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Oskar R. Lange
Oskar Ryszard Lange (27 July 1904 – 2 October 1965) was a Polish economist and diplomat.
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ProQuest
ProQuest LLC is an Ann Arbor, Michigan-based global information-content and technology company, founded in 1938 as University Microfilms by Eugene B. Power.
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Say's law
In classical economics, Say's law, or the law of markets, states that aggregate production necessarily creates an equal quantity of aggregate demand.
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Shortage
In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market.
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Taylor & Francis
Taylor & Francis Group is an international company originating in England that publishes books and academic journals.
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The New Palgrave Dictionary of Economics
The New Palgrave Dictionary of Economics (2008), 2nd ed., is an eight-volume reference work on economics, edited by Steven N. Durlauf and Lawrence E. Blume and published by Palgrave Macmillan.
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University of Lausanne
The University of Lausanne (UNIL, French: Université de Lausanne) in Lausanne, Switzerland was founded in 1537 as a school of theology, before being made a university in 1890.
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Walrasian auction
A Walrasian auction, introduced by Léon Walras, is a type of simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to an auctioneer.
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References
[1] https://en.wikipedia.org/wiki/Walras's_law
