Sometimes the world works according to general equilibrium, but sometimes you need game theory.

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ABMs, in contrast, make no assumptions about the existence of efficient markets or general equilibrium.

ECONOMIST: Economics focus

Part of the reason lies in the computable general equilibrium (CGE) models used by the Bank's (and other) economists.

ECONOMIST: Weighed in the balance

According to the ASU website, Professor Prescott has altered the course of macroeconomic thinking over the past three decades with his research that spans such areas as business cycles, economic development and general equilibrium theory and finance.

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The Fed is evading commonsense and sound economics by relying on fancy stochastic dynamic general equilibrium models, in which erratic money plays no role, and ignoring the fact that the real source of consumption is production, not money.

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The economic effect of such small raises, if the minimum wage is set close to the equilibrium point for low and unskilled workers, is not huge in itself, though it has ramifications for general wage levels, for bargaining over wages and benefits.

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