Academic Book on Finance and Economics

General Equilibrium: Theory and Evidencehttp://www.worldscientific.com/worldscibooks/10.1142/6875
By W D A Bryant (Macquarie University, Australia)ISBN: 978-981-281-834-8 (hardcover)Category: Economics & FinanceCopyright 2010
481 pages 
£ 94.00; $ 125.00Zentralblatt MATH Database 1931 – 2013©2013 European Mathematical Society, FIZ Karlsruhe & Springer-Verlag


Reviewed by Krzysztof Cichy (Poznań) originally for  ZentralblattMATH:

General equilibrium theory (GET) is one of the most classic branches of mathematical economics, dating back to the work of Leon Walras in the 19th century. After so many years it is still an area of broad research and many questions have remained unanswered. Its main aim is to thoroughly analyze the properties of market economies. It focuses on four main areas, dealing with the conditions that ensure the existence of equilibrium,the optimality of the equilibrium state, the stability of equilibrium and the relation between model equilibria and real economic data.

 

The book by W. D. A. Bryant deals with theoretical and empirical aspects of general equilibrium. The principal aim of the author is “to achieve an understanding of what general equilibrium theory has to say about the circumstances in which deregulated market economies function well, along with circumstances where this is not the case”. The book begins with an overview of GET (Chapter 1). The basic Walrasian conjecture that the deregulated market mechanism leads to optimal outcomes is stated and it leads to the basic questions of GET about the existence, uniqueness, stability, optimality of equilibrium states, the role of parameter values for the properties of these states and the empirical congruence of GET models. Next, some applications of GET are discussed, i.e., branches of economics that rely on general equilibrium assumptions, such as international trade, new-classical economics and economies in transition.

 

Chapter 2 deals with the fundamental issue of sufficient conditions for the existence of equilibrium. Basic notions are carefully defined, such as commodity, consumption sets and preference orderings. They serve to define Walrasian equilibrium and freedisposal equilibrium. A non-mathematical discussion about the possibility of having such equilibria is provided. Next, sufficient conditions for the existence of equilibrium are thoroughly analyzed (the theorems by Arrow and Debreu (1954), Debreu (1962), Arrow and Hahn (1971), Moore (1975), McKenzie (1981) and others).

 

In Chapter 3, the author moves on to necessary conditions for the existence of equilibria, showing that the common belief that Walrasian equilibria exist under weak and general conditions might not be justified. He argues that the “conditions necessary for existence require potentially restrictive relationship conditions to hold across the primitives which define the economy”.

 

Chapter 4 deals with the issue of irreducibility, i.e., the assumption that each agent in the economy is the owner of something which other people are interested in purchasing. In particular, the notion of McKenzie-irreducibility is analyzed from the point of view of its empirical justification. This notion is very important in establishing the existence of a Walrasian equilibrium. Different views emerging from empirical data are thoroughly reviewed and commented on.

 

In Chapter 5 some alternative approaches to establishing the existence of a Walrasian equilibrium are analyzed, with a focus on the ones that avoid strong relationship conditions, such as assumptions of irreducibility. It is explored how such important properties as the individual agents’ survival can appear without such assumptions. In particular, policy induced existence results, as well as ones related to voluntary transfers and altruism are discussed.

 

Chapter 6 deals with the existence of a Walrasian equilibrium in non-Arrow-Debreu environments. This includes the existence of equilibrium in a temporary equilibrium setup of Hicks, in the presence of money and in a Keynesian setup.

 

In Chapter 7 the uniqueness of equilibrium is discussed. This is one of the most fundamental and interesting questions in GET and a subject of intense debate. The conditions that need to be fulfilled in order that uniqueness is guaranteed are carefully elucidated. The author shows that they are rather restrictive. Next, the much less-restrictive case of finitely many isolated equilibria is analyzed.

 

Chapter 8 addresses the question of the stability of equilibrium. The discovery of a universal and globally stable adjustment process is believed by many to be the Holy Grail of GET. A variety of adjustment processes are analyzed, such as classical tâtonnement, global Newton process, discrete time adjustment processes and random adjustment processes. The author argues that all of them yield interesting, but not fully-satisfactory results, therefore implying the need for further research.

 

In Chapter 9, the author moves to the issue of optimality of equilibrium. The fundamental theorems of welfare economics are discussed. It is shown that there exist conditions under which equilibria are optimal, but no universal connection between equilibria and optima can be established, thus leading to the necessity of considering this connection in particular economic environments.

 

Chapter 10 deals with comparative statics of equilibrium states, i.e., the role of parameter values for the properties of equilibria and the response to shocks. This is especially important from the point of view of policy implications of GET models. A special attention is paid to welfare comparative statics.

 

In Chapter 11, the link between the theory and empirics is analyzed. In other words, it is investigated whether GET captures the essential features of real world economies and under which circumstances. Various tests of GET are discussed, in particular ones using microeconomic data (consumer and producer side, market clearing). It is shown that GET can indeed produce meaningful and testable results, but it can not provide fully satisfactory results in all cases - it can not be regarded as the universal theory valid anytime and anywhere. Still, it is argued that there is compelling empirical evidence that under certain conditions and in some economies it yields interesting results and provides a good description of the analyzed real world economies.

Chapter 12 offers a general outlook on the successes and failures of GET. The most important results of the book are discussed and summarized.

 

One of the most important virtues of this book is the abundance of references (over 40 pages) and the thorough discussions of historical achievements of GET, making it a good starting point for an exploration of many subtle details that had to be omitted from the book if it was to remain reasonable in length. Therefore, it will be invaluable to any researcher interested in GET.

 

Krzysztof Cichy (Poznań)

Keywords : general equilibrium theory; existence of equilibrium; uniqueness of equilibrium; stability of equilibrium; optimality of equilibrium; empirical tests of general

equilibrium theory

 

Classification :

*91-02 Research exposition (Social and behavioral sciences)

 91B50 Equilibrium in economics

 91B02 Fundamental topics on applicability to economics

 91B26 Market models

 

 

 

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The New Book Review is blogged by Carolyn Howard-Johnson, author of the multi award-winning HowToDoItFrugally series of books for writers. It is a free service offered to those who want to encourage the reading of books they love. That includes authors who want to share their favorite reviews, reviewers who'd like to see their reviews get more exposure, and readers who want to shout out praise of books they've read. Please see submission guidelines on the left of this page. Reviews and essays are indexed by genre, reviewer names, and review sites. Writers will find the search engine handy for gleaning the names of small publishers. Find other writer-related blogs at Sharing with Writers and The Frugal, Smart and Tuned-In Editor.

D. G. Sutter: "Undisputed Champion"

Title: The Laughter of Strangers

Author: Michael J. Seidlinger
Author's webpage:http://michaeljseidlinger.com/
Publisher: Lazy Fascist Press (http://lazyfascistpress.com/)
Genre: Literature
ISBN: 978-1621050971
Available on Amazon

 

 

Reviewed by  D.G. Sutter

 

What is the purpose of identity? It is to dignify the existence of human separation. We are all equally varied in characteristics and personalities. Like two snowflakes, none of us are the same, and unlike Tyler Durden’s philosophy we are all special. In The Laughter of Strangers, Michael Seidlinger challenges the concept of self by giving several faces and facets to the boxer who is, was, and always will be Willem Floures.

 

While identity is a feature set aside for others to differentiate, ego and self-esteem are internal machines to determine identity; the protagonist’s main struggle in the book is discovering the “true” Willem Floures through rigorous tests of both. Is it Sugar, Black Mamba, or Executioner? Seidlinger takes readers on an existentially vagrant journey through the stages of Floures’s life, using boxing matches as vibrant reveries of combat against actions and behaviors of past and present.

 

His prose is clean and concise and he wastes no breath in getting the story across, in passages such as “Looking back all I hear is laughter. All I see is white. All I taste is the ache of my bleeding mouth, tongue numb, my eyes wanting so very much to roll back, have a look at the inside of my broken skull.”

 

There are no extraneous details or descriptions to bore you out of your mind—no—merely conflict in the mind of a character on the path towards self-discovery, categorization, and personal revelation. If you’re looking for a read with a broad degree of settings and action, you will miss out a bit, but Seidlinger makes up for it with honest characters, ones that blend together likes the rounds do for a fighter.

 

As for my recommendation, I would say disappear into the crowd and try, for yourself, not to laugh as the world of Willem Floures crumbles, and thrives, on the southpawed boxer’s back. Be a spectator in his final fight for glory and gratification. Stand in his corner while he battles for inner supremacy and against the throes served by years of publicity. We are all looking for our place in the world, to be understood and find meaning. In the words of Willem Floures:

 

“You had to hurt yourself in order to be heard. You have to continue working, being productive, doing whatever it is that you do to maintain their attention. If no one pays attention to you, you aren’t really alive.”

 

The match starts now.

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The New Book Review is blogged by Carolyn Howard-Johnson, author of the multi award-winning HowToDoItFrugally series of books for writers. It is a free service offered to those who want to encourage the reading of books they love. That includes authors who want to share their favorite reviews, reviewers who'd like to see their reviews get more exposure, and readers who want to shout out praise of books they've read. Please see submission guidelines on the left of this page. Reviews and essays are indexed by genre, reviewer names, and review sites. Writers will find the search engine handy for gleaning the names of small publishers. Find other writer-related blogs at Sharing with Writers and The Frugal, Smart and Tuned-In Editor.

Clare O'Beara Reviews Joy Smith's "Detour Trail"

Detour Trail

Joy V. Smith

http://pagadan.wordpress.com/
Genre: Western

ISBN: 978-1-61235-570-2

Format:Paperback

Amazon

Melange Books

4 out of 5 stars

http://www.melange-books.com/authors/joyvsmith/detourtrail.html

 

 

Reviewed by Clare O'Beara

 

 

The Oregon Trail is notoriously long and hazardous, but Lorena Emerson and her uncle set off to seek a better future. Her uncle is killed by a thief so Lorrie is told she can't continue driving her oxen alone and must leave the wagon train at the next town. But the determined girl gathers some other discards such as the Browns and their broken wagon, and makes ready to travel with the next small train. Lorrie, who started driving light, collects abandoned furniture, mattresses and cast-iron stoves on the trail. When the steep mountain climbs become too much for a heavily pregnant woman and their livestock, Lorrie investigates a DETOUR TRAIL to a river and suggests settling near a mountain man and his Arapaho family.

Next we see the plentiful hard work and planning involved in building a settlement, from splitting logs and hauling rocks to planting gardens, and Lorrie makes a few back journeys to buy goods including flour, chickens and a wise mule called Jake. The girl is good at planning but less so at backwoods skills. She can hold her own against trail thieves though, who foolishly imagine a girl and loaded wagon will be easy prey. The settlers only have a short summer to prepare for winter, and their lives will depend on their buildings and supplies.

This is a spirited tale of a brave young woman, without any great drama of Indian wars. I enjoyed seeing the little settlement prosper and grow, and Lorrie had further adventures every time she ventured to the town or fort for supplies. Joy Smith has written a decent young adult read for a slice of American history, which reminded me of  Children on the Oregon Trail.

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The New Book Review is blogged by Carolyn Howard-Johnson, author of the multi award-winning HowToDoItFrugally series of books for writers. It is a free service offered to those who want to encourage the reading of books they love. That includes authors who want to share their favorite reviews, reviewers who'd like to see their reviews get more exposure, and readers who want to shout out praise of books they've read. Please see submission guidelines on the left of this page. Reviews and essays are indexed by genre, reviewer names, and review sites. Writers will find the search engine handy for gleaning the names of small publishers. Find other writer-related blogs at Sharing with Writers and The Frugal, Smart and Tuned-In Editor.

Historical Fiction Appeals to Midwest Book Reviewer

Title: Olivia, Mourning (Book 1 of the Olivia series)

Author: Yael Politis
Author's website:  yaelpolitis.wordpress.com
Genre: Historical Fiction (USA, 1840s)
ISBN:   1493652451
ASIN:   B00H0GYRT2
Available on Amazon

Reviewed by Diane Donovan, Senior eBook Reviewer for Midwest Book Review

 

Olivia, Mourning, Book 1 of the ‘Olivia’ series, is historical fiction at its best. It is the story of Olivia Killion, a feisty, would-be-independent woman – a seventeen-year-old female living in 1841 who’s determined to fulfill the requirement of her father’s will and cultivate 80 acres in Michigan in order to gain title to the land.

She spent two years caring for her demanding father during his long illness and now feels entitled to a home she can call her own. Many obstacles stand in the way of her plans but Mourning, her childhood friend, has experience working the land and agrees to become a partner in this endeavor. Olivia not only trusts him but fears no romantic entanglement developing between them and complicating matters.

There’s only one problem: he’s black and reluctant to risk the wrath of white men by working with a young white girl. He’s also the orphaned son of slaves who escaped to the north. Mourning was born free in Pennsylvania, but knows that the private agents who patrol the free states in search of fugitive slaves to return to the south are not particular about the legal status of the young black men they kidnap.

Olivia believes she can make her dream come true without putting Mourning in danger, and the two set off to an isolated log cabin to work the land together. Olivia represses the feelings she begins to develop for Mourning and focuses instead on her attraction to a young neighbor. But when all turns to disaster, Olivia is forced to acknowledge – and re-assess – not only her feelings for Mourning, but the very nature of her drive for independence.

Olivia, Mourning deftly captures the atmosphere of her times, offering readers a smooth introduction to Olivia’s character and its origins, her purpose, and her growth: “Olivia had heard the good women in the pews behind her all through her father’s funeral service, a flock of pecking hens in winter poke bonnets. They lowered their voices, but not enough; she heard their opinions of what that Killion girl ought to do. Or not do. Just what was wrong with her and how it ought to be fixed.”

The way she attempts to conduct her relationship with Mourning reveals the depth of her maturity and awareness of the challenges they face: “I’m not a fighter, Mourning. I’ve never wanted to change the world. All I want is to make my own little piece of it as nice as I can. We’ll both have a lot more trouble doing that if all the white folks we meet get it into their heads that we’re way too friendly for their liking. We’re going to need good relations with our neighbors, and if telling them you’re my hired man – and me bossing you like you are – will keep them from getting all rankled, well so what?”

Her assessments of reality are strikingly down to earth for a seventeen-year-old and her slow realization of Mourning’s importance to her life (beyond their business relationship) is candid and revealing, too: “It’s Mourning, she thought. Mourning is the one I care for. Has been for a long time. Not just as a friend. He’s the one it could be wonderful to share a life with. But with Mourning there is nothing to hope for, no “if only he wanted me.” Never. I might as well wish both of us dead as wish for him to express desire for me. Nothing will ever change that. And no other man will ever feel like part of me, the way Mourning does.” 

What to do with this new-found self-awareness? What choices will Olivia make? Will they support her beliefs or compromise everything she purports to value? And what roles will isolation and stubbornness play in both their lives?

Olivia, Mourning is about the changing complexities of human relationships and politics as much as it is about one determined young girl’s desire to make her own place in the world, outside of boundaries and conventions. It’s also a story of trauma and how even the closest-held relationships and secrets change. 

Expect no easy conclusions to Book 1: it’s all about transition points and leaves the door open for further journeys with Olivia. Readers interested in historical fiction with a healthy dose of romance will find Olivia, Mourning a compelling, gripping saga that deliciously wraps what could be predictable elements in a cloak of many choices. It’s all about options and consequences – and is a heartfelt story especially recommended for readers who enjoy headstrong protagonists tasked with making their own way in the world.

– D. Donovan, Senior eBook Reviewer, MBR

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The New Book Review is blogged by Carolyn Howard-Johnson, author of the multi award-winning HowToDoItFrugally series of books for writers. It is a free service offered to those who want to encourage the reading of books they love. That includes authors who want to share their favorite reviews, reviewers who'd like to see their reviews get more exposure, and readers who want to shout out praise of books they've read. Please see submission guidelines on the left of this page. Reviews and essays are indexed by genre, reviewer names, and review sites. Writers will find the search engine handy for gleaning the names of small publishers. Find other writer-related blogs at Sharing with Writers and The Frugal, Smart and Tuned-In Editor.

Poetry Reading, Poetry Promotion on KPFK, Radio on Online

I’m very excited about helping poets with their marketing on Los Angeles’ great KPFK radio with poet and host Lois P. Jones on Wednesday, Jan 8, 8:30 pm Pacific or on the Web worldwide  at http://www.kpfk.org/. 

Our Facebook event:  

https://www.facebook.com/lois.p.jones.7/posts/10152102186647415?comment_id=28682895

 

Lois says,

"Please join us next Wed, December 11th at 8:30 p.m. for an up close look at poet and marketing guru Carolyn Howard-Johnson whose How to Do it Frugally series offers the ultimate guides in selling your book to an agent, a publisher, and--after it's published--the media! She is a tireless mentor of writers in all genres and an award-winning poet and author herself. You'll hear several of her gorgeous poems and a few promotional tips to boot. See you there!"

Here are the details:

RADIO: POETS CAFE INTERVIEWS AUTHOR AND POET CAROLYN HOWARD-JOHNSON

23,000,000 Southern Californians can listen live on radio at:
KPFK 90.7 FM in Los Angeles.
OR 98.7 FM Santa Barbara
OR anyone can listen to the streamed broadcast on their computers at http://www.kpfk.org/

Wednesday, January at 8:30pm

Please listen in. Lois is not only a consummate host but a poet in her own right. And at the Facebook event you might find networking with other poets the best part of the experience.  

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The New Book Review is blogged by Carolyn Howard-Johnson, author of the multi award-winning HowToDoItFrugally series of books for writers. It is a free service offered to those who want to encourage the reading of books they love. That includes authors who want to share their favorite reviews, reviewers who'd like to see their reviews get more exposure, and readers who want to shout out praise of books they've read. Please see submission guidelines on the left of this page. Reviews and essays are indexed by genre, reviewer names, and review sites. Writers will find the search engine handy for gleaning the names of small publishers. Find other writer-related blogs at Sharing with Writers and The Frugal, Smart and Tuned-In Editor.

Counseling Professional Shares Sobriety Secret

Title: Lifelong Sobriety

Author: Bajeerao Patil
Author's Web site link: http://www.bajeeraopatil.com/
Genre: self-help
ISBN: 978-0989569811Virtual Book Tour Page: http://virtualbooktour-theyppublishing.blogspot.ca/p/blog-page.html

Available on Amazon: http://www.amazon.com/dp/0989569810/

Submitted by Yvonne Wu 

Addiction and the subsequent healthcare costs—accidents, crime, incarceration, clinics—cost Americans over $484 billion every year. 

Drugs are big business.  Throwing more money, more in-patient treatment, or more aggressive state intervention rarely addresses the underlying causes.  Addicts need help, but they need more than “tough love.”  Instead, they need an alternative to help them manage the toughest obstacle of all:  Their Emotions.
Many people tend to ignore their emotional health. As a drug and alcohol counselor for over 25 years, I have worked with hundreds of individuals who manage their emotions through the use of mood altering chemicals.  I realized there needs to be an addiction recovery book that offers straight talk in plain sensible language.   A book that offers motivational stories and real-life successes.  A book that offers the kind of simple advice a recovering drug addict might encounter in a recovery group. No academic jargon that would confuse an individual seeking help or family member. I decided to write such a book.
After 7 years of writing my book about addiction “Insanity Beyond Understanding” was published in 2009. With my new book Lifelong Sobriety, the focus is on helping readers find solutions to their issues, change their past behaviors, attitudes and learn how to manage their lives more effectively.

Lifelong Sobriety is the first recovery book that emphasizes the importance of taking care of one’s emotional health. The thirty-four chapters contain the kind of simple advice a recovering drug addict might encounter in a recovery group. The book has real-life experiences of dozens of recovering addicts. Readers will not only learn from these experiences but can benefit from the success stories of many of these individuals. 

Individuals who suffer from addiction need more than tough love. They need encouragement and proper guidance to make well informed decisions to sustain long term sobriety.  The healing starts within this book helps them find the solutions they need.

About Bajeerao Patil

Bajeerao Patil has been treating addictions as a drug and alcohol counselor for over 25 years. He has Masters Degrees in Social Work and Human Resources. He is an avid teacher of addiction and recovery.  He is affiliated with the Drug and Alcohol Testing Industry Association. To learn more about Bajeerao Patil and his work, visit http://www.amazon.com/dp/0989569810/ and http://www.bajeeraopatil.com/.


More about Yvonne Wu

Internet Publicist | Author & Speaker Assistant
The YP Publishing
Canada: 905-341-0997
USA: 1-347-674-9951
http://theyppublishing.com
http://speakerspromotion.com/


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The New Book Review is blogged by Carolyn Howard-Johnson, author of the multi award-winning HowToDoItFrugally series of books for writers. It is a free service offered to those who want to encourage the reading of books they love. That includes authors who want to share their favorite reviews, reviewers who'd like to see their reviews get more exposure, and readers who want to shout out praise of books they've read. Please see submission guidelines on the left of this page. Reviews and essays are indexed by genre, reviewer names, and review sites. Writers will find the search engine handy for gleaning the names of small publishers. Find other writer-related blogs at Sharing with Writers and The Frugal, Smart and Tuned-In Editor.

Coming of Age Story Impresses Reviewer

The Lady

By Judy Higgins

http://www.judyhigginsbooks.com

https://www.facebook.com/judyhigginsauthor

http://judyhigginsauthor.blogspot.com

Genre: coming of age/mystery (prize winning novel)

ISBN 978-0615878089

 

Reviewed by Jesse Sisken, author of Cavanila's Choices originally for Amazon

 

        "The Lady" tells the story of Quincy Bruce, a plucky, talented 16-year old girl who, in rural Georgia in the 1950's, dreams of becoming a concert pianist. But her fundamentalist parents and Aunt Mildred are more concerned about her soul than her aspirations. Quincy's salvation comes when her parents go to Africa as missionaries and leave her with her Aunt Addy who fosters her dreams and opens her eyes to a whole new world. But Addy has a mysterious past that, out of love, Quincy feels she needs to get to the bottom of. But what she finds is more than she bargained for.

       Higgins does an outstanding job of putting the reader into her scenes, capturing the speech and attitudes of the time and place. Her characters are well-rounded and believable. She writes well and has a nice voice. Once into the book, it's hard to put it down. And once finished, it's hard to get Quincy's story out of one's mind. I recommend this book very highly.

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The New Book Review is blogged by Carolyn Howard-Johnson, author of the multi award-winning HowToDoItFrugally series of books for writers. It is a free service offered to those who want to encourage the reading of books they love. That includes authors who want to share their favorite reviews, reviewers who'd like to see their reviews get more exposure, and readers who want to shout out praise of books they've read. Please see submission guidelines on the left of this page. Reviews and essays are indexed by genre, reviewer names, and review sites. Writers will find the search engine handy for gleaning the names of small publishers. Find other writer-related blogs at Sharing with Writers and The Frugal, Smart and Tuned-In Editor.