Titlebook: Microeconomics for the Critical Mind; Mainstream and Heter Fabio Petri Textbook 2021 The Editor(s) (if applicable) and The Author(s), under

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Long-Period Prices,r explains: decomposable matrices, eigenvalues and eigenvectors, the fundamental Perron–Frobenius theorem on eigenvalues of non-negative matrices. These tools are used to prove the determinability of long-period prices (for economies with no joint products and no scarce natural resources—see Chap. .

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Introduction to the Marginal Approach,ion, explaining the direct and the indirect factor substitution mechanisms that allow the derivation of decreasing demand curves for the factors labour, land and capital (assumed in this chapter to consist of a single good). For the newcomer to economics, the notions of production function, isoquant

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Existence, Uniqueness and Stability of Non-capitalistic General Equilibria,apitalistic general equilibrium of exchange and production. For the exchange economy, attention is given to problems raised by survival; two proofs of existence of equilibrium are explained. On uniqueness, the chapter illustrates the Sonnenschein–Mantel–Debreu result and criticizes the usefulness of

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Capital: Long-Period Equilibria,riod general equilibria in which the endowments of capital goods are variables, endogenously determined by the equilibrium, and treated as temporary embodiments of a single factor ‘capital’ capable of changing ‘form’ without changing in amount, whose endowment is given. This treatment of capital is

Original

Intertemporal Equilibrium, Temporary Equilibrium,ral equilibrium. It concentrates first on intertemporal equilibrium and explains futures markets, dated commodities, discounted prices, own rates of return. The indefensible assumption of complete futures markets can be avoided by assuming Radner sequential equilibria with Arrow securities and perfe