Equilibrium, trade, and growth : selected papers of Lionel W. McKenzie / edited by Tapan Mitra and Kazuo Nishimura.

Format:

Book

Author/Creator:

McKenzie, Lionel W.

Contributor:

Mitra, Tapan, 1948-

Nishimura, Kazuo, 1946-

Language:

English

Subjects (All):

Economics, Mathematical.

Equilibrium (Economics).

Economic development.

Physical Description:

1 online resource (489 p.)

Edition:

1st ed.

Place of Publication:

Cambridge, Mass. : MIT Press, c2009.

Language Note:

English

Summary:

Influential neoclassical economist Lionel McKenzie has made major contributions to postwar economic thought in the fields of equilibrium, trade, and capital accumulation. This selection of his papers traces the development of his thinking in these three crucial areas.McKenzie's early academic life took him to Duke, Princeton, Oxford, the University of Chicago, and the Cowles Commission. In 1957, he went to the University of Rochester to head the economics department there, and he remains at Rochester, now Wilson Professor Emeritus of Economics. McKenzie's most significant research was undertaken during a period that saw the development of the major themes of neoclassical economics and the use of fundamental mathematical methods to do so. McKenzie contributed to both aspects of this research program. He helped shape the direction of the field and, at Rochester, influenced generations of future scholars. In 2002, The MIT Press published McKenzie's Classical General Equilibrium Theory, a detailed summary of the model and methodology. This book, collecting his most important papers in the form in which they were originally published, can be seen as a companion to that one. The many state-of-the-art results achieved in McKenzie's original papers present sophisticated theoretical work that will continue to be important to future developments in the discipline.

Contents:

Contents; Introduction; 1 Lionel W. McKenzie; 2 Equilibrium, Trade, and Capital Accumulation; Equilibrium; 3 On Equilibrium in Graham's Model of World Trade and Other Competitive Systems; 4 Competitive Equilibrium with Dependent Consumer Preferences; 5 Demand Theory without a Utility Index; 6 On the Existence of General Equilibrium for a Competitive Market; 7 Stability of Equilibrium and the Value of Positive Excess Demand; 8 On the Existence of General Equilibrium: Some Corrections; 9 Why Compute Economic Equilibria?; 10 The Classical Theorem on Existence of Competitive Equilibrium

11 The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets Trade; 12 Specialisation and Efficiency in World Production; 13 Equality of Factor Prices in World Trade; 14 Specialization in Production and the Production Possibility Locus; 15 Matrices with Dominant Diagonals and Economic Theory; 16 The Inversion of Cost Functions: A Counter-Example; 17 Theorem and Counter-Example; Growth; 18 The Dorfman-Samuelson-Solow Turnpike Theorem; 19 Turnpike Theorem of Morishima; 20 Accumulation Programs of Maximum Utility and the von Neumann Facet

21 Capital Accumulation Optimal in the Final State 22 Turnpike Theorems with Technology and Welfare Function Variable; 23 A New Route to the Turnpike; 24 A Primal Route to the Turnpike and Liapounov Stability; 25 Turnpike Theory, Discounted Utility, and the von Neumann Facet; Sources; Index

Notes:

Description based upon print version of record.

Includes bibliographical references (p. [465]-466) and index.

OCLC-licensed vendor bibliographic record.

ISBN:

9780262279536

0262279533

9781441604453

1441604456

OCLC:

317117716