An arbitrage equilibrium is a precondition for a general economic equilibrium.

Léon Walras, one of the founders of the neoclassical school of economics who helped formulate the general equilibrium theory, argued that free competition could only be realized under conditions of state ownership of natural resources and land.

His main contributions were to the fields of general equilibrium and econometrics.

Prior to the publication of Keynes ' General Theory, mainstream economic thought was that the economy existed in a state of general equilibrium, meaning that the economy naturally consumes whatever it produces because the needs of consumers are always greater than the capacity of the economy to satisfy those needs.

Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory.

Therefore, one can find an economic analysis of the market of grapes in Russia, for example, which is not a market in the strict sense of general equilibrium theory monopoly.

: This model has been used in general equilibrium theory, particularly to show existence and Pareto efficiency of economic equilibria.

See also general equilibrium.

In particular, Jevons saw his economics as an application and development of Jeremy Bentham's utilitarianism and never had a fully developed general equilibrium theory.

Anglo-American economists also responded to these problems by turning towards general equilibrium theory, developed on the European continent by Walras and Vilfredo Pareto.

Problems exist with making the neoclassical general equilibrium theory compatible with an economy that develops over time and includes capital goods.

Neoclassical economics is also often seen as relying too heavily on complex mathematical models, such as those used in general equilibrium theory, without enough regard to whether these actually describe the real economy.

The abandonment of price taking creates considerable difficulties for the demonstration of a general equilibrium except under other, very specific conditions such as that of monopolistic competition.

Of course this theorem is considered irrelevant by economists who do not believe that general equilibrium theory correctly predicts the functioning of market economies ; but it is given great importance by neoclassical economists and it is the theoretical reason given by them for combating monopolies and for antitrust legislation.

She claims that Gould — particularly in his popular essays — uses a variety of strategies from literature, political science, and personal anecdotes to substantiate the general pattern of punctuated equilibrium ( long periods of stasis interrupted by rapid, catastrophic change ).

This makes analysis much simpler than in a general equilibrium model which includes an entire economy.

Léon Walras first formalized the idea of a one-period economic equilibrium of the general economic system, but it was French economist Antoine Augustin Cournot and English political economist Alfred Marshall who developed tractable models to analyze an economic system.

The Sonnenschein – Mantel – Debreu theorem shows that the standard model cannot be rigorously derived in general from general equilibrium theory.

Empirical thermometers are not in general necessarily in exact agreement with absolute thermometers as to their numerical scale readings, but to qualify as thermometers at all they must agree with absolute thermometers and with each other in the following way: given any two bodies isolated in their separate respective thermodynamic equilibrium states, all thermometers agree as to which of the two has the higher temperature, or that the two have equal temperatures.

However, this equilibrium is unstable and since the universe is known to be inhomogeneous on smaller scales, R must change, according to general relativity.

In that work, published in 1892 as Mathematical Investigations in the Theory of Value and Prices, Fisher drew a direct analogy between Gibbsian equilibrium in physical and chemical systems, and the general equilibrium of markets, and he used Gibbs's vectorial notation.

The set of all binomial distributions is called the family of binomial distributions, but in general discussions this expression is often shortened to `` the binomial distribution '', or even `` the binomial '' when the context is clear.

In his article Observations on the marital metaphor of YHWH and Israel in its ancient Israelite context: general considerations and particular images in Hosea 1. 2, Ben Zvi describes the role of the Gomer in the marriage metaphor as one of the “ central attributes of the ideological image of a human marriage that was shared by the male authorship and the primary and intended male readership as building blocks for their imagining of the relationship .”

The canonical example of a context free grammar is parenthesis matching, which is representative of the general case.

# hardware context switching does not save all the registers ( only general purpose registers, not floating point registers — although the TS bit is automatically turned on in the CR0 control register, resulting in a fault when executing floating point instructions and giving the OS the opportunity to save and restore the floating point state as needed ).

A group of organizations which originated within the context of established religion is working in more general fields of cult-awareness, especially in Europe.

Methanides in general chemical context refers to any compound that hydrolyzes to methane, which might include also salts with hydrogenated anions such as,, and.

" In general, it is born out of its particular socio-historical context and the situational context of both the author and the audience.

Any field may be used as the scalars for a vector space, which is the standard general context for linear algebra.

In this context he states in one of his lectures, that there are certain conditions to fear in general to make sense:

Irradiation is a more general term of the exposure of materials to radiation to achieve a technical goal ( in this context " ionizing radiation " is implied ).

As evident by its name, I – O psychology has historically subsumed two broad areas of study that investigate the nature of the person ( individual-differences psychology ) and the nature of the situation or context ( social psychology ), although this distinction is artificial, as many topics in I-O psychology are informed by both of these general areas.

Craig Evans states that almost all modern scholars consider the Josephus passage on John to be authentic in its entirety, and that what Josephus states about John fits well both with the general depiction of John in the New Testament and within the historical context of the activities of other men, their preachings and their promises during that period.

" Constructivist learning, therefore, is a very personal endeavor, whereby internalized concepts, rules, and general principles may consequently be applied in a practical real-world context.

In the later context of developments the above mentioned claims served as a reason on which, what would later become, Nichiren Shōshū based its orthodoxy on Nichiren-Buddhism in general.

Nets are one of the many tools used in topology to generalize certain concepts that may only be general enough in the context of metric spaces.

Specifically, it is used in the context of Christianity for the concept of divine revelation, and in the context of Judaism for the Urim and Thummim breastplate, and in general any utterance considered prophetic.

More recently, the concept has achieved recognition in the general public in the context of the absence of central indexing servers in architectures used for exchanging multimedia files.

In context of procedural law ; procedural rights may also refer not exhaustively to rights to Information, rights to justice, rights to participation which those rights encompassing, general Civil and Political rights.

Although still used in general contexts, it is now often replaced by other words which are less emotionally charged, such as populations, people ( s ), ethnic groups or communities depending on context.

The term " recusant " is also used in a more general context to refer to non-compliance with a perceived innovation of questionable orthodoxy, which had become the status quo.

Though these characters and items were not presented in the same context, their general traits survived the transition.

As it happens the next traveller is not poor, but it seems in context that Robin Hood is stating a general policy.