Theory Of General Economic Equilibrium Research Articles

The behavior of economic equilibria: A catastrophe theory approach

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.