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  1. 2 Przegląd Statystyczny

  2. 1 Ekonomista

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  1. 3 2005

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  1. 3 Panek E.

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1

On Stable Growth and Equilibrium

100%
Panek E.
Ekonomista
|
2005
|
issue 1
9-26
EN
The contemporary criticism of general equilibrium theory is usually focused on commonly taken assumption of stationarity of the Walrasian economic system. Despite the efforts to get out of the static Walrasian equilibrium the studies predominantly ended up with stability playing the secondary role in confrontation with the notion of equilibrium. The article demonstrates, on the basis of a generalized Walrasian system, that stationarity does not constitute the necessary condition for a stable economic growth.
2

STATIONARY MARKET MODEL WITH NON-CLASSICAL DYNAMICS OF PRICES

100%
Panek E.
Przegląd Statystyczny
|
2005
|
vol. 52
|
issue 3
23-36
EN
According to a standard price-mechanism, under perfect competition a lack (surplus) of a good causes its price to grow (fall) and the equilibration of demand and supply stabilizes the price. There exist a vast literature on the said mechanism, though the 'real - life' price mechanism differs from that presented above. The paper is concerned with a model of a competitive market under non-classical mechanism of 'pure' competition. In the majority of publications it is assumed that the market processes run continually, which leads to a system of differential equations. Assuming that time is discrete two versions of a stationary market model under non-classical price-dynamics were analysed. At the same time the necessary conditions for existence of equilibrium in the both versions were formulated and the theorems on local and global stability of the market were proved. While proving the global stability theorem the author mimicked the Banach contraction fixed-point theorem.
3

NON-STATIONARY MARKET WITH NON-CLASSICAL EQUATION OF THE PRICE-DYNAMICS

100%
Panek E.
Przegląd Statystyczny
|
2005
|
vol. 52
|
issue 3
65-72
EN
Referring to his paper in print, describing a process of approaching the equilibrium prices on a stationary market, the author considers the non-stationary version of the market model, in case when the prices of goods depend not only on demand and supply, but also on time. He shows, that even when there are no equilibrium prices (in their classical sense), the market is not deprived of its second fundamental property, namely, of stability that is understood as convergence of every pair of prices trajectories to each other . The convergence could become only an interesting mathematical fact (without any economic content) if there would be no equilibration of demand and supply. On the non-stationary market (when the prices depend on supply, demand and time ), the demand for a good offered at the same price can be higher (or lower) than its supply when time changes.The author shows that in his model, under some rather weak additional conditions, the equalization of supply and demand characterizes all susceptible trajectories of prices.
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