Titlebook: Issues in Contemporary Economics; Volume 1: Markets an Kenneth J. Arrow Book 1991 Palgrave Macmillan, a division of Macmillan Publishers Li

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Economic Restructuring in the USSR and International Economic Relationsinvestments and military expenditure had priority in the structure of GNP while finance for social welfare and the development of society was based on the so-called remainder principle. . inherited a state budget deficit; a great surplus of money in the hands of consumers which was not matched by th

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The Mechanisms of Social Integration: The Role of the Marketom drug addiction to criminality, and the existence of various types of drop-outs from society.. These problems which are of great concern for the majority of citizens, are usually dealt with by the social sciences in terms of ., that is, the lack or weakness of cohesion between the elementary ‘part

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General Equilibrium in an Imperfect World: Incomplete Marketsonal and greedy agents whose actions are guided only by prices be coherent? The economy is in a coherent state when all intended actions are mutually compatible. We know that under certain postulates the answer to this question is ‘yes’. This answer does not entail the conclusion that, even given th

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Commentcted can obtain as a temporal equilibrium of a sequence of markets (i.e. as an equilibrium of plans prices and price expectations in Radner’s sense) as soon as ‘enough’ markets are open, markets are complete, and agents have perfect foresight. The failure of one of these conditions — completeness, p

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Microeconomic Foundations and Properties of a Macroeconomic Model with Imperfect Competitionce and quantity decisions are made rationally by maximising agents, which differentiates them from Keynesian models, where the price formation process is . given, and from Walrasian models, where the job of price-making is left to the implicit auctioneer. The purpose of this paper is to review a num

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Price Dispersion: Theoretical Considerations and Empirical Evidence from the Marseilles Fish Marketnsumers.. Strictly speaking Diamond’s observation that ‘In Walrasian theory all purchases of a homogeneous good occur at the same price’ (Diamond, 1987) is not contradicted by this fact since no two transactions take place at precisely the same time and place and thus any two units of good sold in d

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Information and Regulationuality and cost performance of regulated firms and government contractors, leading to dramatic changes in the form of their regulation, for example, American Telephone and Telegraph in the USA and British Telecom in the United Kingdom. The prospect of achieving a common market within the European Co