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1、ChapterEquilibriumAnalysisinEconomicsTheanalyticalprocedureoutlinedinChap.2willfirstbeappliedtowhatisknownasstaticallalysis,orequdibriumanalysis.Forthispurpose,itisimperativefirsttohaveaclearunderstandingofvhatequilibriummeans.3.1TheMeaningofEquilibriumLikeanyeconomiclerm.equilibr
2、iumcanbedefinedinvarious'Ilays.Accordingtoonedefinition,anequilibriumis"aconstellationofselectedinterrelatedvariablessoadjustedtooneanotherthatnoinherenttendencytochangeprevailsinthemodelwhichtheycon~stitute."1Severalwordsinthisdefinitiondeservespecialattention.Firstthewordselecte
3、dunderscoresthefactthattheredoexistvariableswhkh,bytheanalyst'schoice,havenotbeenincludedinthemodeLHencetheequilibriumunderdiscussioncanhaverelevanceonlyinthecontextoftheparticularsetofvariableschosen,andifthemodelisenlargedtoincludeadditionalvariables.theequilibriumstatepertaining
4、tothesmallermodelwillnolongerapply.Second,thewordinterreiutnjsuggeststhat,inorderforequilibriumtooccur,allvari•ablesinthemodelmustsimultaneouslybeinastateofrest.Moreover,thestateofrelitofeachvariablemustbecompatiblewiththatofeveryothervariable;otherwisesomevari•able(s)willbechangin
5、g,therebyalsocausingtheotherstochangeinachainreaction,andnoequilibriumcanbesaidtoexist.Third,thewordinherentimpliesthat,indefininganequilibrium,thet3tateofrestin•volvedisbasedonlyonthebalancingoftileinternalforcesofthemodel,whiletheCxtCf+nalfactorsareassumedfixed.Operationally,this
6、meansthatparametersandexogenousvariablesaretreatedasconstants.Whentheexternalfactorsdo,Ictuallychange,therewillbeanewequilibriumdd1nedonthebaslsofthenewparametervalues.butindefiningthenewequilibrium,thenewparametervaluesarcagaini~tandstayunchanged.tFriuMachlup.NEquil
7、ibriumandDisequilibrium:MisplacedConcretenessandDisguisedPolitics,"Economicfournal,March1958,p.9.(ReprintedinF.Machlup,[Hay,onEconomicSemantics,30PrentkeHall,Inc.,EnglewoodCliffs.N.J.,1963.)Chapter3t:quililiriumAflafr,'isInF.coflamics31Tnessence,anequilibriumforlspecifiedmodelisa
8、situationcharacterizedbyal
