Introduction to General Equilibrium Theory and Welfare Economics

This text makes available the relatively recent developments in general equilibrium analysis - developments which until now could be found only as papers in the professional journals. It summarizes the most important results of these papers, and in so doing provides an overview of competitive equilibrium theory with respect to problems of existence and uniqueness, stability, welfare properties and comparative statics. The material has been presented so as to render it accessible to readers with minimal mathematical background without sacrificing the logical rigor inherent in the subject matter. General Equilibrium Theory and Welfare Economics... · is organized about the theme of general equilibrium, to which such topics as existence and stability of competitive equilibrium, and welfare economics easily lend themselves. · presents mathematics as it is needed, rather than relegating it to appendixes. · provides, for clarity simple, two-dimensional illustrations.