Journal Article The Geometric Representation of Policies to Attain Internal and External Balance Get access W. M. Corden W. M. Corden Melbourne Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 1, October 1960, Pages 1–22, https://doi.org/10.2307/2296244 Published: 01 October 1960

Journal Article A Symposium on Monetary Theory: Monetary and Value Theory: Comments Get access W. J. Baumol W. J. Baumol Princeton Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 1, October 1960, Pages 29–31, https://doi.org/10.2307/2296246 Published: 01 October 1960

Journal Article The Politics of Political Economists: Comment Get access A. W. Coats A. W. Coats University of Nottingham Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 74, Issue 4, November 1960, Pages 666–669, https://doi.org/10.2307/1884364 Published: 01 November 1960

The occurrence of oil and gas, 544. — Steps in the exploratory process, 545. — Industry concentration, 546. — The success ratio, 550. — Risk, 554. — Access and risk preference, 556. — Uncertainty and information, 559. — The flow of information, 565. — The oil deal, 566. — Entry, 569.

Introduction, 1. — I. The problem of “explanation,” 3. — II. Shackle's hypothesis, 4. — III. An alternative hypothesis. The “most likely” gain outcome, 7. — IV. The “most likely” loss outcome, 15. — V. Evaluating net prospective satisfactions; “gambler preference maps,” 16. — VI. Holding money; alternative investments; marginal equalities, 19. — VII. Limitations, 24. — VIII. Business decisions, 25. — IX. Waves of optimism and pessimism, 27.

I SHALL PROVE two theorems using a new method in the problem of stability of equilibrium based upon the second method of Liapounov [4, p. 256ff.]. The novelty of method lies in the selection of the function V(p) whose decrease with time leads to the equilibrium position.2 This is the price weighted sum of the positive excess demands. I shall first prove the existence and stability3 in the large of the set of equilibrium points in the case of cross-elasticities which are nonnegative. The set of equilibrium points is compact and convex, and if the gross substitution matrix is indecomposable at equilibrium, the equilibrium is unique. When a numeraire is not present, it is possible to proceed beyond the limitation of nonnegative cross-elasticities to consider cases where certain weighted sums of the partial derivatives of excess demands with respect to prices are positive. This appears to be a natural generalization. Although the second theorem is primarily of local interest, one hardly need apologize for that. Global stability is not to be expected in general. This type of study was initiated by Walras [8, p. 170) and given its present formulation by Samuelson [5, p. 269]. I shall not elaborate on its limitations. Suffice it to say that, strictly interpreted, the groping for equilibrium which