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The behavior of economic equilibria: A catastrophe theory approach
Author(s) -
Balasko Yves
Publication year - 1978
Publication title -
behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 0005-7940
DOI - 10.1002/bs.3830230408
Subject(s) - catastrophe theory , mathematical economics , economics , differential (mechanical device) , general equilibrium theory , mathematics , neoclassical economics , microeconomics , physics , geology , thermodynamics , geotechnical engineering
A general economic equilibrium theory is formulated in a way similar to Thom's catastrophe theory. This permits the use of differential topology in the study of the laws of change of economic equilibria, especially from a qualitative viewpoint. This paper is primarily concerned with the relationship between the behavior of economic equilibria and their number, and it includes an application to international trade theory.