1978•Systems Research and Behavioral ScienceRequires access

The behavior of economic equilibria: A catastrophe theory approach

Yves Balasko

Abstract

A general economic equilibrium theory is formulated in a way similar to Thom's catastrophe theory. This permits the use of differential topology in the study of the laws of change of economic equilibria, especially from a qualitative viewpoint. This paper is primarily concerned with the relationship between the behavior of economic equilibria and their number, and it includes an application to international trade theory.

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Key concepts: Catastrophe theory, Mathematical economics, Economics, Differential (mechanical device), General equilibrium theory, Mathematics, Neoclassical economics, Microeconomics