Temporary Equilibrium and Long-Run Equilibrium (Routledge Revivals): 1st Edition (Paperback) book cover

Temporary Equilibrium and Long-Run Equilibrium (Routledge Revivals)

1st Edition

By Willem H. Buiter


294 pages

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This title, first published in 1979, presents the Ph.D. thesis of the world-renowned economist and financial expert, Willem Buiter.

In Part I, three alternative specifications of temporary equilibria in asset markets, including their implications for macroeconomic models, are discussed; Part II examines the long-term implications of some short-term macroeconomic models. The analysis of the theoretical foundations of ‘direct crowding out’ and ‘indirect crowding out’ is particularly prominent, with the result that a synthesis of short-term macroeconomic analysis and long-term growth theory is formulated.

The traditional tools of comparative dynamics and stability analysis are employed frequently. However, it is also argued that the true scope of government policy can only be adequately evaluated with the aid of concepts such as dynamic and static controllability. Temporary Equilibrium and Long-Run Equilibrium is a valuable study, and relevant for all serious students of modern economic theory.

Table of Contents

Part I: Some Alternative Notions of Demand and Supply in Asset Markets 1. Three Alternative Specifications of Temporary Equilibrium in Asset Markets 2. The Effect of Alternative Specifications of Temporary Equilibrium in Asset Markets on Short-Run Comparative Statics in Some Simple Macro Models; Part II: The Long-Run Implications of Short-Run Models 3. Direct Crowding Out 4. Indirect Crowding Out 5. Government Policy in a Growing Economy 6. Controllability, Stabilisation and Optimisation; Appendix 1: Stability in the Full Employment Model for the G’ Policy; Appendix 2: Stability, Controllability, Stabilisation and Optimisation; Appendix 3: Two Kinds of Adjustment Processes; Bibliography

About the Series

Routledge Revivals

Are there elusive titles that you need and have been trying to source for years but thought that you would never be able to find?

Well this may be the end of your quest – here is a fantastic opportunity for you to discover past brilliance and purchase previously out of print and unavailable titles by some of the world’s most eminent academic scholars.

Drawing from over 100 years of innovative, cutting-edge publishing, Routledge Revivals is an exciting programme whereby key titles from the distinguished and extensive backlist of the many acclaimed imprints associated with Routledge will be re-issued.

The programme draws upon the illustrious backlists of Kegan Paul, Trench & Trubner, Routledge & Kegan Paul, Methuen, Allen & Unwin and Routledge itself.

Routledge Revivals spans the whole of the Humanities and Social Sciences, and includes works by some of the world’s greatest thinkers including Emile Durkheim, Max Weber, Simone Weil, Martin Buber, Karl Jaspers and Max Beloff.

If you are interested in Revivals in the Behavioral Sciences, please visit https://www.routledge.com/series/PSYREVIVALS

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Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Economics / Macroeconomics
BUSINESS & ECONOMICS / Government & Business