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- Title
COMMENT ON GAREGNANI.
- Authors
Bliss, C.J.
- Abstract
The paper of economist P. Garegnani about the modern theory of general equilibrium is critiqued. He suposes an economy with many capital goods in stationary long-run equilibrium at rate of interest r*. However, Garegnani does not give a rigorous argument but an examination of Section VI of his paper will reveal that he can investigate the question of whether an equilibrium exists by considering the supply and demand ina single market, the saving-investment market. The problem, as he conceives it, is to find a rate of interest at which saving measured in terms of a numeraire will become equal to the desired change in the value of capital in terms of the same numeraire.
- Subjects
ECONOMICS; SUPPLY &; demand; ECONOMIC equilibrium; ECONOMIC stabilization; STAGNATION (Economics); MARKET equilibrium
- Publication
Review of Economic Studies, 1970, Vol 37, Issue 3, p437
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2296730