The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand,
and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties
for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets
and economic agents to theories of production. Yves Balasko offers an extensive, up-to-date look at the standard theory of
general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can
be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private
ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional
existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions
and related discontinuities of market prices.
The economic concepts and differential topology methods presented in this
book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary. General Equilibrium Theory
of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate
economics students, advanced undergraduates in mathematics, and researchers in the field.