The General Equilibrium Model is the Wrong Model and a Noncooperative Strategic Process Model is a Satisfactory Model for the Reconciliation of Micro and Macroeconomic Theory,
Abstract
The paper is devoted to a few basic comments on the modeling of economic processes. The detailed explanations of the assertions made here are given in other papers. There are a few technical concepts required for the understanding of these remarks. Several are well known but several require somewhat more knowledge of the description of information conditions and the meaning of a noncooperative equilibrium in a multiperiod strategic process.
Document Details
- Document Type
- Technical Report
- Publication Date
- Nov 12, 1973
- Accession Number
- AD0774094
Entities
People
- Martin Shubik
Organizations
- Yale University