Explain the meaning of classical dichotomy, Business Economics

Assignment Help:

QUESTION

Explain the meaning of classical dichotomy, neutrality of money and Walras law.

b. "In a Walrasian general equilibrium model with money as a unit of account, only relative prices can be determined" Explain.

c. Discuss Patinkin (1965) proof that a Walrasian general equilibrium model with money market leads to an invalid dichotomy and inconsistency.

d. Discuss the Patinkin (1965) solution to make the model discussed in (above c) determinate and consistent.


Related Discussions:- Explain the meaning of classical dichotomy

Define the planned or command economy system, Define the planned or command...

Define the planned or command economy system. Planned or command economy: Resources are owned through the state. The state assigns resources, and sets production goals a

Quantity of salt demanded, why does the quantity of salt demanded tend to b...

why does the quantity of salt demanded tend to be unresponsive to changes in its price?

Differentiate essential and adequate condition for growth, What is the diff...

What is the difference between an essential and adequate condition for growth? Essential and adequate conditions are helpful analytical and evaluative elements. As like exampl

Production, what factors affect the volume of production in an economy

what factors affect the volume of production in an economy

Type of unemplyment, as a result of 2008 financial crisis, there was loss o...

as a result of 2008 financial crisis, there was loss of construction jobs in us, since home developers stopped building new homes. in your opinion which type of unemplyment is res

Why is AIDs a major economic problem, Why is AIDs a major economic problem?...

Why is AIDs a major economic problem? AIDs are a tragedy which is affecting the structure and size of population. There AIDs is widespread in between the economically active th

Market structure, explain the market structure of computer engineering sect...

explain the market structure of computer engineering sector

What do you understand by the term "anthropometry"?, QUESTION 1 (a) Wha...

QUESTION 1 (a) What, according to you, are the ergonomic problems associated with the use of visual display units? Describe the measures which can be taken to eliminate these p

Why are economies developed of less developed countries, Why are economies ...

Why are economies developed of less developed countries by growing its secondary sector? Economies cannot grow of less developed countries by developing its secondary sector si

Calculate the cost of the project, A. Consider the example of renovating a ...

A. Consider the example of renovating a highway that is in poor shape, with large holes and crumbling shoulders that slow down traffic and pose an accident risk. The costs include

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd