Ανάρτηση Ερευνητικού Δοκιμίου no 03/25

Ερευνητικό Δοκίμιο no 03/25 με τίτλο "Wicksellian General Equilibrium"

του Άγγελου Αγγελόπουλου

Περίληψη

Wicksells (1898, 1906) cumulative process on fuelling inflation has never stopped  being a topical theory in banking, financial and monetary economics. The general rectifying idea behind this celebrated theory of propagation of prices (and of fostering disequilibrium) is that inflation can be mitigated in an economy by handling the appropriate interest rate. As the cumulative process gets correctly deactivated, herein inwardly and not outwardly, and the price level is stabilised, this paper theorises mathematically this process as one via which the prices-distribution general  equilibrium of an almost neoclassical macro-economy of agents and markets gets innately restored and fulfilled. Thereupon, the concept of the stable (in time) and socially optimal, equitable and ethical Wicksellian general equilibrium arises. This is an implicitly long-run dynamic, but an explicitly random and explicitly monetary  general equilibrium, concerning perfectly and imperfectly competitive markets. Generational interdependencies are not accountable. Rationality of decision makers, on  the other hand, is critical. Conspicuously, the Wicksellian general equilibrium is a  quasi-neoclassical macroeconomic general equilibrium. To this end, it prefaces the theory of Keynes (1936), while it stays vis a vis with entirely all the classical body, both the regular one (of Smith, Ricardo, Say, Mill) and the irregular Malthusian one.

Ο  Άγγελος Αγγελόπουλος είναι Εντεταλμένος Διδάσκοντας στο τμήμα Οικονομικής Επιστήμης του Οικονομικού Πανεπιστημίου Αθηνών. Αθηνών.