American Journal of Economics, Finance and Management
Articles Information
American Journal of Economics, Finance and Management, Vol.1, No.5, Oct. 2015, Pub. Date: Aug. 27, 2015
General Equilibrium and Recession Phenomenon
Pages: 559-573 Views: 2368 Downloads: 717
Authors
[01] Nicholas S. Gonchar, Mathematical Modeling Department, the N. N. Bogolubov Institute for Theoretical Physics, Ukrainian National Academy of Sciences, Kiev, Ukraine.
[02] Wolodymyr H. Kozyrski, Mathematical Modeling Department, the N. N. Bogolubov Institute for Theoretical Physics, Ukrainian National Academy of Sciences, Kiev, Ukraine.
[03] Anatol S. Zhokhin, Mathematical Modeling Department, the N. N. Bogolubov Institute for Theoretical Physics, Ukrainian National Academy of Sciences, Kiev, Ukraine.
Abstract
The theorems we proved describe the structure of economic equilibrium in the exchange economy model. We have studied the structure of property vectors under given structure of demand vectors at which given price vector is equilibrium one. On this ground, we describe the general structure of the equilibrium state and give characteristic of equilibrium state describing economic recession. The theory developed is applied to explain the state of the economy in some European countries.
Keywords
Economic Equilibrium Quality, Exchange Model, Degeneracy Multiplicity, Recession
References
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