Consumers or producers {representative agent} optimize. Agent optimizations determine economy demand or supply curves. Composition fallacy and Sonnenschein-Mantel-Debreu theorem of Kirman [1992] critically examine representative-agent models.
Social Sciences>Economics>Macroeconomics>Theories>New Classical
6-Economics-Macroeconomics-Theories-New Classical
Outline of Knowledge Database Home Page
Description of Outline of Knowledge Database
Date Modified: 2022.0224