vi, 307 pages : illustrations. Publisher's cloth-covered binding bright and fresh, light wear to foot of spine; previous owner's stamp to upper fore-corner of front free endpaper, else contents as new. Edgewear to dust jacket, with a one-inch tear to head of front hinge, and sunning to spine. 690 grams.

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Bibliographic Details

Title: General equilibrium. Collected papers of Kenneth J. Arrow ; v. 2
Publisher: The Belknap Press of Harvard University Press, Cambridge, Mass.
Publication Date: 1983
Language: English
ISBN 10: 0674137612
ISBN 13: 9780674137615
Binding: Hardcover
Condition: Very Good
Dust Jacket Condition: Good
Weight: 690 grams

About this title

Synopsis

Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in journals. This publication of his collected papers, to be completed in seven topical volumes, will be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and taste in the selection of scientific problems that only a master can offer.

This volume is concerned with the foundations of neo-classical economic analysis. General equilibrium is a theory of prices in which all of the actions of the economic agents in an economy are determined simultaneously and in a decentralized fashion. The price system, determined in competitive markets, guides actions for both firms and individual consumers. All of the complex interrelations of the economy are distilled into the determination of this price system.

In these papers, Arrow examines the conditions under which such a price system would exist. He also clarifies the conditions under which the system can or cannot achieve an optimum. In the latter case, when “market failures” are present, he shows the role of a benevolent government in helping to overcome the induced inefficiencies.

About the Author

A past president of the American Economic Association, Kenneth J. Arrow was awarded the Nobel Memorial Prize in Economic Science in 1972.

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Carothers and Carothers is an independent bookselling firm specializing in the scholarly out-of-print and antiquarian market. Frank Carothers, the elder partner, has retired from the Library of the University of California at Berkeley after more than thirty years of collection management related work. Sara Carothers, the younger partner, is a recent graduate of the University of San Francisco, where she studied Japanese and French.

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