The Modern Macroeconomic Approach and the Arrow-Debreu-McKenzie Model
The Modern Macroeconomic Approach and the Arrow-Debreu-McKenzie Model
How do macroeconomists talk to each other? What is the benchmark macroeconomic model? What’s a way to think about societal outcomes that are (i) not wasteful and (ii) stable?
Keywords: ADM model, Competitive (Walrasian) Equilibrium, Edgeworth Box, Pareto Efficiency, Core
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