Ian Steedman
Abstract
ABSTRACT To be of practical use comparative statics must be able to compare long‐period equilibria. Such equilibria will almost never have price vectors that are proportional with respect to all prices but one—yet such price vectors are precisely those underlying the usual substitution effect analysis. We consider how this tension may be resolved.
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ABSTRACT To be of practical use comparative statics must be able to compare long‐period equilibria. Such equilibria will almost never have price vectors that are proportional with respect to all prices but one—yet such price vectors are precisely those underlying the usual substitution effect analysis. We consider how this tension may be resolved.
Key concepts: Substitution (logic), Comparative statics, Economics, Elasticity of substitution, Mathematical economics, Econometrics, Microeconomics, Production (economics)