中级微观经济学（人大，王晋斌）一般均衡.pptVIP

General Equilibrium: Basics Frank Cowell Principles of Microeconomics November 2003 Limitations of Crusoe model The Crusoe story takes us only part way to a treatment of general equilibrium: Theres only one economic actor. So there can be no interaction. Prices are either exogenous (from the mainland? the world? Mars?) or hypothetical. But there are important lessons we can learn: Integration of consumption and production sectors. Decentralising role of prices. Onward from Crusoe... This is where we generalise the Crusoe model. We need a model that will incorporate: Many actors in the economy... ...and the possibility of their interaction. The endogenisation of prices in the economy. But what do we mean by an “economy”...? We need this in order to give meaning to “equilibrium” Overview... The components At a guess we can model the economy in terms of: Resources People Firms Specifically the model is based on assumptions about: Resource stocks Preferences Technology (In addition –for later – we will need a description of the rules of the game) What is an economy? Resources (stocks) An allocation A collection of bundles (one for each of the nh households) A collection of net-output vectors (one for each of the nf firms) How a competitive allocation works An important missing item For a consumer in isolation it may be reasonable to assume an exogenous income. Derived elsewhere in the economy. Here the model involves all consumers in a closed economy. There is no “elsewhere.” Incomes have to be modelled explicitly. We can learn from the “simple economy” presentation. Overview... Modelling income What can Crusoe teach us? Consider where his “income” came from Ownership rights of everything on the island But here we have many persons and many firms. So we need to proceed carefully. We need to assume a system of ownership rights. What does household h possess? Resources Incomes The fundamental role of prices Prices in a competitive allocation The price mechanism Ove