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General equilibrium modelling: The state of the art

Shobande, Olatunji and Uddin, Godwin and Ashogbon, Festus (2020): General equilibrium modelling: The state of the art.

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Abstract

The general equilibrium approach's theoretical superiority has always been accepted in economic literature, as a robust, complete, and detailed general temporal equilibrium model that shows how money, production, saving level, capital goods and services prices, and the interest rate are jointly determined. This article is a time-path exploration of the literature on propositions related to general equilibrium modelling, and a highlight of its contemporary relevance. Over time and till now, the Walras’ proposition at best takes primacy, amidst others, and improvements in the development of sophisticated sub-models of asset markets within the general equilibrium framework had meant substantial progress since this permit analysis under more realistic conditions. However, limitations are clear, and steady advances in the model can better improve its application.

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