This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.
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This book provides an excellent introduction to general equilibrium theory, the cornerstone of modern economic analysis. Not only is the book accessible, but it is thorough and deep. Truman Bewley manages to distill the essence of important results of the theory, while losing none of their rigor or elegance. The book is essential reading for both students and researchers interested in the foundations of economic analysis.
--Daron Acemoglu, Massachusetts Institute of Technology
--Daron Acemoglu, Massachusetts Institute of Technology
About the Author
Truman F. Bewley is Alfred Cowles Professor of Economics at Yale University.
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Most Helpful Customer Reviews
1 of 2 people found the following review helpful:
3.0 out of 5 stars
Decent. A bit too slow for my taste.,
By Rafael G. (POA,BR) - See all my reviews
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This review is from: General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory (Hardcover)
This book is a competent textbook on the basics of General Equilibrium and Overlapping Generations models. It is adequate for graduate and undergraduate students of economics. But is it simply put, boring and takes too much time and examples to teach GE theory. There are shorter and better books out there, like the Mas-Colell's microeconomics textbook. So, I don't recommend this book for students looking to learn GE theory.
1 of 3 people found the following review helpful:
1.0 out of 5 stars
Horribly written textbook,
This review is from: General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory (Hardcover)
There are an absurd number of typos, so much so that parts of the book are unreadable because equations have been written incorrectly. As an example, see page 261 condition 1. First, the vector expansion of x-hat gives all subscripts as 1 instead of the subscripts going from 1 to I. Second, the ' is not superscripted, and worst of all the feasibility condition is written completely incomprehensibly: instead of giving the sum of the x-bars across i is less than or equal to the sum of endowments across i, it simply gives the sum of the x-bars(with their subscripts missing) times the endowments across i, with no inequality whatsoever. As icing on the cake it's written in the first person (why?) and the diction is terrible. As to the actual material, I thankfully didn't have to read the whole thing, but what I did read (Ch 7), was serviceable but long-winded.
0 of 6 people found the following review helpful:
4.0 out of 5 stars
The importance today of microeconomy.,
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This review is from: General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory (Hardcover)
This book is relevant for the actual society, because it represents the sense of general equilibrium, what it depends by the markets and the individual preference of client. The explication is particullary simple and I don't have the difficulties existent in other texts.
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First Sentence:
The reader deserves a short explanation of what general equilibrium theory is and why it might be interesting. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
spot price equilibrium, output possibility set, stationary price system, program equilibria, golden rule allocation, stationary allocation, equilibrium allocation maximizes, program equilibrium, utility possibility set, box economy, max aiui, stationary program, golden rule program, golden rule equilibrium, utility possibility frontier, feasible allocation, turnpike theorem, equilibrium price vector, local nonsatiation, price equilibria, decentralization theorem, first welfare theorem, second welfare theorem, solves the problem max, dated event Key Phrases - Capitalized Phrases (CAPs): (learn more)
Robinson Crusoe, Problem Set, Consider the Edgeworth, Consider the Diamond, Proof Let, Another Complete Theorem, Aggregate Input-Output Possibility Sets, The Calculation of Pareto Optima, The Onc-Sector New!
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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
The reader deserves a short explanation of what general equilibrium theory is and why it might be interesting. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
spot price equilibrium, output possibility set, stationary price system, program equilibria, golden rule allocation, stationary allocation, equilibrium allocation maximizes, program equilibrium, utility possibility set, box economy, max aiui, stationary program, golden rule program, golden rule equilibrium, utility possibility frontier, feasible allocation, turnpike theorem, equilibrium price vector, local nonsatiation, price equilibria, decentralization theorem, first welfare theorem, second welfare theorem, solves the problem max, dated event Key Phrases - Capitalized Phrases (CAPs): (learn more)
Robinson Crusoe, Problem Set, Consider the Edgeworth, Consider the Diamond, Proof Let, Another Complete Theorem, Aggregate Input-Output Possibility Sets, The Calculation of Pareto Optima, The Onc-Sector New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
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