The general equilibrium model: static or sterile? El modelo de equilibrio general: ¿estático o estéril?

The Arrow-Debreu model is, of course, a static model; however, that is not its main weakness. This article tries to show that the<br />interpretation of Lozano, Villa, and Monsalve about the extent and the content of this model contains some errors which hide the sterility of the Arrow...

Full description

Bibliographic Details
Main Author: Cataño José Félix
Format: Article
Language:English
Published: Universidad Nacional de Colombia 1997-12-01
Series:Cuadernos de Economía
Subjects:
Online Access:http://www.revistas.unal.edu.co/index.php/ceconomia/article/view/12607
Description
Summary:The Arrow-Debreu model is, of course, a static model; however, that is not its main weakness. This article tries to show that the&lt;br /&gt;interpretation of Lozano, Villa, and Monsalve about the extent and the content of this model contains some errors which hide the sterility of the Arrow-Debreu Model-- that is, its incapacity to resolve the problem which gave rise to it: the coordination of independent individuals in a static and perfect market.<br>El modelo de Arrow y Debreu es, por supuesto, un modelo estático: sin embargo, ésta no es su principal debilidad. Este artículo intenta demostrar que la interpretación de Lozano, Villa y Monsalve acerca del alcance y contenido de este modelo contiene algunos errores que ocultan la esterilidad del Modelos Arrow-Debreu, es decir, su incapacidad para resolver el problema que lo originó: la coordinación de los individuos independientes en un mercado estático y perfecto.
ISSN:0121-4772