Applied General Equilibrium An Introduction
This advanced textbook aims at providing a simple but fully operational introduction to applied general equilibrium. General equilibrium is the backbone of modern economic analysis and as such generation after generation of economics students are introduc
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Manuel Alejandro Cardenete Ana-Isabel Guerra • Ferran Sancho
Applied General Equilibrium An Introduction
Ph.D. Manuel Alejandro Cardenete University Pablo de Olavide Economics Ctra. Utrera, km. 1, s/n 41013 Seville Spain [email protected]
Ph.D. Ferran Sancho Universitat Auto`noma de Barcelona Economics Campus de Bellaterra-Edifici B 08193 Cerdanyola del Valle`s Spain [email protected]
Ph.D. Ana-Isabel Guerra University Pablo de Olavide Economics Ctra. Utrera, km. 1, s/n 41013 Seville Spain [email protected]
ISSN 2192-4333 e-ISSN 2192-4341 ISBN 978-3-642-24745-3 e-ISBN 978-3-642-24746-0 DOI 10.1007/978-3-642-24746-0 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011944756 # Springer-Verlag Berlin Heidelberg 2012 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
The economic theory of general equilibrium is rooted in Walras (1874) and reaches its formal development, as we know it today, with the fundamental contributions of Arrow and Debreu (1954). The development of this theory has been nurtured by the efforts of some very bright economists and mathematicians who have refined the many different facets arising from it. However, it is the pioneering work of Professor H. Scarf (1969) that has moved this abstract theory to the field of real empirical problems. Scarf posed and solved the problem of computing the equilibrium (relative prices and quantities) of the so-called Walrasian model. Professors J. Shoven and J. Whalley, two of Scarf’s students, are the first to demonstrate the power of the empirical analysis developed from the theory, when they set out to analyze the economic impact of some fiscal reforms in the U.S. economy. Since then, the area and discipline that we know in the literature as Applied General Equilibrium analysis has not stopped growing. The numerous papers exploring empirical applications of the basic theory of General Equilibrium may appear to have very little in common. They raise basic questions and issues in areas as diverse as Public Finance (what is the impact of a tax reform on the welfa
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