A Dynamic Economy with Shares, Fiat, Bank and Accounting Money,
YALE UNIV NEW HAVEN CONN COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
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This paper is aimed at exposition and modeling several of the extremely detailed but necessary aspects of a closed competitive economy without a terminal time point, i.e. an economy which is closed with regard to trade and competitors at any point of time but is an infinite-horizon economy or is open ended with respect to time. Particular attention is paid to invariant competitive equilibria, or in other words competitive equilibria which can repeat themselves over time. A number of simple models are studied which have just enough ingredients to expose the meaning of a couple of crucial assumptions.
- Economics and Cost Analysis
- Operations Research