Showing posts with label ECONOMY. Show all posts
Showing posts with label ECONOMY. Show all posts

Ways To Make Millions From Suponic F2p

Ways To Make Millions From Suponic F2p


Lucky Rider - Buy $100 package and hope the next 5 people will buy $1000 packages or $10,000 packages. Then you would have already made either $100 or $1000 USD. Keep buying $100 packages. Sign up during leadership gathering stage and there is high chance wealthy leaders will will sign up to the $10,000 packages.

Note: Most Korean's purchase $1000 or $10,00.

Hard Worker - You introduce 10 friends and educate them so they can educate 10 other friends. That's it. That's 10, 100, 1000, 10,000, 100,000 people all underneath you for which you get comission.

Online marketer - You can introduce suponic f2P coin to large communities online.

The roll-up bonus(passive income)- This will also be paid differently depending on your investment options; Copper option- to level 5, 2% Bronze  option to level 7, 2% Silver option to level 12, 8~12, 1% Gold option to level 14, 8~14,1% Platinum option to 20, 8~20, 1% level1~level 7 2%, level 8~level 20, 1% Sponsor Matching bonus
Sponsor matching bonus is based on the allowance that the people you recommended get. You can get 10~5% of recommended bonus depending on your option. The bonus rate and the level is just like this
Copper option get the bonus to level1. 10%  Bronze option get the bonus to level 3. 10% Silver option get the bonus to level 5. 10%  Gold option get the bonus to level 7. 5% Platinum option get the bonus to level 10. 5% level1~level7 10%, level8~level10 5%


First one you receive compensation for just signing up a package. For example if anybody person signs up 100dollar package and one Korean team signs up 50, 10'000 dollar packages after him, then since 100usd package allows you to collect 2% from 5 people, that is 2 percent of 10000 which is 200usd times 5 which is 1000usd. They can receive 10times what they signed up for.

Coin Technology And Superiority
Ladies and gentlemen, How can we prove the superiority of Suponic F2P? There are 10 evaluation items. Let's take a look at What they are ? Speed, scalability,business,….security.And now We compare Bitcoins, Etheriums, EOs and Suponic F2P.

F2P got all 10 points in 10 evaluation items, Isn't that amazing?Let’s take an example of processing speed. Ladies and gentlemen Let me ask you a question, How fast can bit coins process transactions? I mean processing speed of bit coins? Is there anyone woh can tell me the correct answer? Let me tell you, The preessing speed of bitcoin is 7 per second, Etherium is 25 per second, So far, Known as the fastest Lite coin is 56per second

How about Suponic? You guess. 680,000per second, Wow it's unbelieable, but it's true. it means It can be processed even if the world of people face at the same time. Isn't that amazing? and moreover, You know what? When creating a coin, the processing speed and security can not be satisfied at the same time. But Suponic enabled this impossibility. So I dare say Suponic is different.

F2p is one of our coin use for hospital bill for treatment for those who have cancer can use our coin to pay for hospital bill in South Korea where the suponic cell regenerator machine p. We are very very ready to support in the area of the health sector, we want to work with government as to approve the cell regenerator machine to be bring to the country for the benefit of all our members.F2p will continue to grow with development of company. Currently the Human Cell Regenerator is a very popular topic for all Suponic members. So far over 2000 people with various illnesses including people with 4th degree cancer was cured from it. BKS, :F2p SPNC and GGP is accepted for payment of the service.

How Can You Register
You can register through Suponic  and contact me for further clarifications. Success comes  through opportunity.

Donald Duke UrgesThe Government To Compel Banks To Reduce Interest Rate


Past Governor s of Cross River State

Mr Donald Duke , the previous of governor of Cross River State, has urged  the Federal Government to compel banks to reduce to reduce the interest rate to the barest minimum to make credit available and affordable for small businesses .

According to Duke , the Nigerian banking industry is a major obstacle to sustainable economic development because of about 25 per cent interest being charged on loans to customers

“ If you want to grow an economy, you will have to ensure that credit is available and affordable .


“ In Nigeria , credit is neither available nor affordable for the average Nigerian to start- up business because of the high - interest rate .

“ Banks should be compelled to reduce their interest rates to the barest minimum to encourage entrepreneurship in a country where the population is growing at 3 . 5 per cent while the economy is growing under 2 per cent .

“ As long as our population is growing faster than the economy is growing , we will remain in perpetual recession, ” he further said.

Duke made all these declarations call at the 5th anniversary of Political Forum G50, with the theme: “ Blueprint For Sustainable Economic Development” held on Saturday in Lagos State .

Esther Duflo, Michael Kremer and Abhijit Banerjee Wins the 2019 Nobel Price In Economics



Esther Duflo Michael Kremer and Abhijit Banerjee Wins the 2019 Nobel Price In Economics

2019 Nobel Prize for economics has been awarded to Esther Duflo Michael Kremer and Abhijit Banerjee , for their contribution and experimental approach to alleviating global poverty, according to the Royal Swedish Academy of Sciences.


This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty. It divides this issue into smaller, more manageable lines of enquiry like, for example, formulating the most effective interventions for improving child health, said a statement from the Nobel Committee.

The prize, officially known as the ‘Bank of Sweden Prize in Economic Sciences In Memory Of Alfred Nobel’, wasn’t created by the prize founder, but it is considered to be part of the Nobel stable of awards. The prize was created by Riksbanken, the Swedish central bank, in 1968, and the first winner was selected a year later. So far, 81 Nobel laureates in economic sciences have been awarded. Along with the glory comes a 9-million-kronor ($918,000) cash award, a gold medal and a diploma.

In the mid-1990s, Mr. Kremer and his colleagues demonstrated how powerful an experiment-based approach can be by using field experiments to test a range of interventions that could improve school results in western Kenya. Mr. Banerjee and Ms. Duflo, often with Mr. Kremer, soon performed similar studies of other issues and in other countries, including India. Their experimental research methods now entirely dominate development economics.

The 2019 Economic Sciences Laureates’ research findings have dramatically improved our ability to fight poverty in practice. As a result of one of their studies, more than five million Indian children have benefitted from programmes of remedial tutoring in schools, the statement said.


Over 700 million people still subsist on extremely low incomes. Every year, five million children still die before their fifth birthday, often from diseases that could be prevented or cured with relatively cheap and simple treatments.

World Bank Reduces India’s Growth Projection To 6.9 Per Cent


The World Bank has said that India’s growth rate is likely to fall to 6 per cent as the economy battles a slowdown. The growth rate stood at 6.9 per cent in 2018-2019.

In the quarter ended June, India’s GDP growth slowed down to 5%. This is the slowest pace in which the economy has expanded since March 2013, when the growth rate was 4.7%. The slowing down of household, which also affected other sectors, demand was one of the major factors for the decline

The World Bank though said that GDP growth rate was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022. The ‘South Asia Economic Focus’ report said growth will recover as rural demand benefits from effects of income support schemes, results of tax incentives and credit growth resumes.

The industrial output figures for August showed that output shrank by 1.1%, it had seen a growth of 4.2% a month ago. Earlier this month, data showed that the output of eight core sector industries that constitute about 40% of Index of industrial production recorded a 0.5% decline in August.

The auto industry is experiencing a hard time. In September, car sales slumped to 23.7%, the eleventh straight month of decline.


The government is working on several policies to boost the sluggish economy. Finance minister Nirmala Sitharaman has already announced five rounds of fiscal, administrative and policy measures to stimulate the economy since August 23. The biggest among these was the slasing of the corporate tax rates.

The Reserve Bank of India cut policy rates by 25 basis points this month and the central bank said it will continue its accommodative stance to revive growth.

The World Bank though said that GDP growth rate was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022. In the quarter ended June, India’s GDP growth slowed down to 5%(Ramesh Pathania).

“Exports growth is expected to remain modest, as trade wars and slow global growth depresses external demand,” the report added.

The World Bank noted that growth decelerated for the second consecutive year and pointed out to the widening current account deficit. India’s current account deficit, a parameter which reflects the trade balance, was 2.1 per cent of the GDP in 2018-19 from the 1.8 per cent a year earlier.

Bill Gates Ranked Below Number 2 in Bloomberg Billionaires Index


Bill Gates has never ranked lower than Number 2 in the seven-year history of the Bloomberg Billionaires Index. That run ended Tuesday when the Microsoft Corp. co-founder dropped to Number 3 behind France’s Bernard Arnault. This year has been particularly good to French tycoons, with Arnault, Kering SA’s Francois Pinault and cosmetics heir Francoise Bettencourt Meyers tacking on a combined $57 billion.

LVMH, Arnault’s luxury-goods maker, advanced to a record Tuesday and pushed his net worth to $107.6 billion and ahead of Gates by more than $200 million. Arnault, 70, joined Gates and Amazon.com Inc. founder Jeff Bezos, the world’s richest person, in the most exclusive wealth club last month, when his fortune surpassed $100 billion for the first time.

Arnault and his family are among luxury titans who pledged more than $650 million in April for the reconstruction of Notre Dame Cathedral after fire ravaged the landmark church. He controls about half of Paris-based LVMH through a family holding company and also owns a 97% stake in Christian Dior, the fashion house founded three years before his birth in 1949.

Arnault entered the luxury-goods market in 1984 by acquiring a textile group that owned Christian Dior. Four years later, he sold the company’s other businesses and used the proceeds to buy a controlling stake in LVMH. His art collection of modern and contemporary paintings includes pieces by Jean-Michel Basquiat, Damien Hirst, Maurizio Cattelan, Andy Warhol and Pablo Picasso.

Were it not for Gates’s philanthropic giving, he’d still be the world’s richest person. Gates has donated more than $35 billion to the Bill & Melinda Gates Foundation. Bezos’s net worth is up slightly this year to $125 billion, even after reaching a divorce settlement with MacKenzie Bezos that made her the world’s fourth-richest woman.

2019 Global Multidimensional Poverty Index Has Been Published


The 2019 global Multidimensional Poverty Index (MPI) from the UN Development Programme (UNDP), the Oxford Poverty and Human Development Initiative (OPHI) has been released.

The report identifies 10 countries, with a combined population of around 2 billion people, to illustrate the level of poverty reduction, and all of them have shown statistically significant progress towards achieving Sustainable Development Goal 1, namely ending poverty “in all its forms, everywhere”.

The 10 countries are Bangladesh, Cambodia, Democratic Republic of Congo, Ethiopia, Haiti, India, Nigeria, Pakistan, Peru and Vietnam. The report said that within these 10 countries, data shows that 270 million people moved out of multidimensional poverty from one survey to the next.

Surprisely, India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as “assets, cooking fuel, sanitation and nutrition,” a report by the United Nations said.

The report said that in the 101 countries studied — 31 low income, 68 middle income and 2 high income - 1.3 billion people are “multidimensionally poor”, which means that poverty is defined not simply by income, but by a number of indicators, including poor health, poor quality of work and the threat of violence.

Finance Minister Proposes Key Changes in Tax Provisions


Finance Minister Nirmala Sitharaman in her maiden Budget speech on Friday proposed many changes in income tax provisions for this year but kept income tax slab rates unchanged. In a key announcement, Nirmala Sitharaman announced that Aadhaar and PAN would be made interchangeable for tax-filing purpose. This means that if you don’t have a PAN, you can file returns using Aadhaar.
Tax images

Here are the key changes in tax provisions:

1.Additional income tax deduction of ₹1.5 lakh on home loans for affordable houses costing below ₹45 lakh. This benefit will be available for home loans taken till March 2020. Cumulatively, the interest paid on home loan deduction will go up to ₹3.5 lakh, from the current ₹lakh for self-occupied house property.

2.Retail investors in CPSE(central public sector enterprises) ETFs could get ELSS-like income tax benefits, according to the Budget proposals. The government today set a ₹1.05 lakh crore divestment target this year. Currently, investments made in ELSS (equity linked savings scheme) mutual funds, which come with a lock-in period of three years, are eligible for tax deduction of up to ₹1.50 lakh under Section 80C of the Income Tax Act.

3.The FM also announced ₹1.5 lakh income tax deduction on interest paid on loans for purchase of electric vehicles.

5.The government also announced 2% TDS on cash withdrawal on amount exceeding ₹1 crore in a year.

7.Annual cash withdrawals over Rs 1 crore to be taxed at 2 per cent.

8.The government also increased income tax surcharge for HNIs (high net worth individuals) earnings more than ₹2 crore a year. Those earning between ₹2-5 crore will have shell out 3% more, with surcharge rate being increased from 15% to 25%. Those earning above ₹5 crore will have to shell out a surcharge of 37%, from current 15%, according to the reports.

9.Also the government has asked the GST Council to reduce tax rate on EVs from 12 per cent to 5 per cent. Customs duty on certain parts of EVs has been reduced.

Addressing the angel tax issue faced by startups, she said startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium.

Mangoes Declared Surplus In Philippines

Mango

Over two millions mangoes ( Mangifera indica) kilogrammes have been declared abundant in Philippines following a high level of crop yield. Emmanuel Piñol uttered that "currently a surplus of about two million kilos of mangoes in Luzon" as he stated this from a reliable source.
Emmanuel Piñol said the last time stocks were this high was "after the El Niño of 2015 and 2016".
In this regard the prizes of mangoes have fallen due to high supply. Even in some areas mangoes are selling for as little as 20 pesos.

The country's agriculture secretary said the extra mangoes were the result of a "dry spell caused El Niño".

The El Niño phenomenon occurs naturally and has a major influence on weather patterns around the world.

The government has launched a marketing campaign in a bid to sell one million kilos of the fruit in June before they begin to rot.

Pakistan Minister Wants to Step Down


Asad Umar who is Pakistan Minister wanted to step down. He has been leading negotiations with the IMF for what would be Pakistan's 13th bailout since the late 1980s but has faced criticism over a worsening economic outlook on his watch.

He said he would step down in a cabinet reshuffle by Prime Minister Imran Khan, raising fresh questions on plans for averting an economic crisis amid bailout talks with the International Monetary Fund (IMF).

Speculation of the departure was rife for months, with some business groups and investors unhappy at Umar's strategy of seeking short-term loans from allies such as China and Saudi Arabia, instead of finalising an IMF rescue package after Khan assumed power in August.

The central bank last month cut growth forecasts and raised interest rates with inflation at a five-year high. The rupee currency has weakened about 35 percent since December 2017.

The CBN Reduces Interest Rate from 14% to 13.5%

The CBN Governor, Mr Godwin Emefiele, announced the decision of the MPC ( Monetary Policy Committee ) of the Central Bank of Nigeria on the reduction of  the MPR ( Monetary Policy Rate ) , also known as the benchmark or main interest rate, from 14% to 13.5% at end of a two-day meeting in Abuja.

He further explained that six members out of 11 who attended the meeting agreed to reduce the current monetary policy stance .

The MPR, which is used to determine bank lending rates and the cost of credit for borrowers, had been held at a record high of 14% since July 2016 when it was hiked by 200 basis points from 12%.
TreeHe said while the MPR was reduced to 13.5%, the committee decided to retain the Cash Reserves Ratio at 22.5%, the liquidity ratio at 30% ; and the asymmetric window at +200 and -500 basis points around the MPR.

He said, “The MPC decided by a vote of six out of 11 members to reduce the  MPR ( Monetary Policy Rate ) by 50 basis points, that is 0.5%.

Two members voted to reduce the rate by 0.25%, while one member voted to reduce it by 1%.  Two members, however, voted to hold the MPR at its current level.”

Diamond Bank Plc and Access Bank Plc Agrees to Merge Together

Diamond Bank Plc and Access Bank Plc have agreed to merged together to become a formidable bank. Mr Herbert Wigwe, Access Bank Chief Executive Officer, told the shareholders at the EGM that the merger with Diamond Bank enables Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform.

Wigwe said that the expected revenue and cost synergies were material and promises significant long term value. Further more, Wigwe said the bank, after the merger, would attract more opportunities such as trade finance from international partners.

“With the final merger of both banks and the status of the resulting entity as ‘the largest bank in Africa’s largest economy,’ this greatly bolsters the bank’s brand, opening doors of opportunity both in local and international markets,” he said.

Wigwe said the merger was expected to produce the largest banking group in Africa based on its number of customers with more than 29 million customers.

“The resulting entity which will maintain the brand name Access Bank, but with Diamond Bank colors, will have more than 29 million customers, 13 million of which are mobile customers,” he said. The shareholders gave the approval at an Extraordinary General Meetings (EGMs) of both banks held in Lagos. The two banks have agreed to merge together.

The Overview of General Equilibrium


In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall (or "general") equilibrium. General equilibrium theory contrasts to partial equilibrium, which only analyzes single markets. As with all models, this is an abstraction from a real economy; it is proposed as being a useful model, both by considering equilibrium prices as long-term prices and by considering actual prices as deviations from equilibrium.

General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly the work of French economist Léon Walras in his pioneering 1874 work Elements of Pure Economics.
It is often assumed that agents are price takers, and under that assumption two common notions of equilibrium exist: Walrasian (or competitive) equilibrium, and its Walrasian (or competitive) equilibrium, and its generalization; a price equilibrium with transfersBroadly speaking, general equilibrium tries to give an understanding of the whole economy using a "bottom-up" approach, starting with individual markets and agents.
Macroeconomics, as developed by the Keynesian economists, focused on a "top-down" approach, where the analysis starts with larger aggregates, the "big picture". Therefore, general equilibrium theory has traditionally been classified as part of microeconomics.
The difference is not as clear as it used to be, since much of modern macroeconomics has emphasized microeconomic foundations, and has constructed general equilibrium models of macroeconomic fluctuations. General equilibrium macroeconomic models usually have a simplified structure that only incorporates a few markets, like a "goods market" and a "financial market". In contrast, general equilibrium models in the microeconomic tradition typically involve a multitude of different goods markets.
They are usually complex and require computers to help with numerical solutions. In a market system the prices and production of all goods, including the price of money and interest, are interrelated. For example, a change in the price of one good, say bread, may affect another price, such as bakers' wages. If bakers differ in tastes from others, the demand for bread might be affected by a change in bakers' wages, with a consequent effect on the price of bread e.g sweet sensation bread and mr biggs bread.
Calculating the equilibrium price of just one good, in theory, requires an analysis that accounts for all of the millions of different goods that are available. The first attempt in neoclassical economics to model prices for a whole economy was made by Léon Walras.
Walras' Elements of Pure Economics provides a succession of qmodels, each taking into account more aspects of a real economy (two commodities, many commodities, production, growth, money).
In particular, Walras's model was a long-run model in which prices of capital goods are the same whether they appear as inputs or outputs and in which the same rate of profits is earned in all lines of industry. This is inconsistent with the quantities of capital goods being taken as data. But when Walras introduced capital goods in his later models, he took their quantities as given, in arbitrary ratios. (In contrast, Kenneth Arrow and Gérard Debreu continued to take the initial quantities of capital goods as given, but adopted a short run model in which the prices of capital goods vary with time and the own rate of interest varies across capital goods.)
Walras was the first to lay down a research program much followed by 20th-century economists. In particular, the Walrasian agenda included the investigation of when equilibria are unique and stable. Walras' shows neither uniqueness, nor stability, nor even existence of an equilibrium is guaranteed and also proposed a dynamic process by which general equilibrium might be reached, like that of the tâtonnement or groping process.
The tâtonnement process is a model for investigating stability of equilibria. Prices are announced (perhaps by an "auctioneer"), and agents state how much of each good they would like to offer (supply) or purchase (demand). No transactions and no production take place at disequilibrium prices. Instead, prices are lowered for goods with positive prices and excess supply. Prices are raised for goods with excess demand. The question for the mathematician is under what conditions such a process will terminate in equilibrium where demand equates to supply for goods with positive prices and demand does not exceed supply for goods with a price of zero. Walras was not able to provide a definitive answer to this question .
CURRENT CONCEPT OF GENERAL EQUILIBRIUM THEORY IN ECONOMICS
The modern conception of general equilibrium is provided by a model developed jointly by Kenneth Arrow, Gérard Debreu, and Lionel W. McKenzie in the 1950s. Debreu presents this model in Theory of Value (1959) as an axiomatic model, following the style of mathematics promoted by Nicolas Bourbaki. In such an approach, the interpretation of the terms in the theory (e.g., goods, prices) are not fixed by the axioms.Three important interpretations of the terms of the theory have been often cited.
First, suppose commodities are distinguished by the location where they are delivered. Then the Arrow-Debreu model is a spatial model. Second, suppose commodities are distinguished by when they are delivered. That is, suppose all markets equilibrate at some initial instant of time. Agents in the model purchase and sell contracts, where a contract specifies, for example, a good to be delivered and the date at which it is to be delivered. The Arrow–Debreu model of inter temporal equilibrium contains forward markets for all goods at all dates. No markets exist at any future dates.Third, suppose contracts specify states of nature which affect whether a commodity is to be delivered: "A contract for the transfer of a commodity now specifies, in addition to its physical properties, its location and its date, an event on the occurrence of which the transfer is conditional.
This new definition of a commodity allows one to obtain a theory of [risk] free from any probability concept. Some of the recent work in general equilibrium has in fact explored the implications of incomplete markets, which is to say an inter temporal economy with uncertainty, where there do not exist sufficiently detailed contracts that would allow agents to fully allocate their consumption and resources through time. While it has been shown that such economies will generally still have an equilibrium, the outcome may no longer be Pareto optimal.
The basic intuition for this result is that if consumers lack adequate means to transfer their wealth from one time period to another and the future is risky, there is nothing to necessarily tie any price ratio down to the relevant marginal rate of substitution, which is the standard requirement for Pareto optimality. Under some conditions the economy may still be constrained Pareto optimal, meaning that a central authority limited to the same type and number of contracts as the individual agents may not be able to improve upon the outcome, what is needed is the introduction of a full set of possible contracts.  Hence, one implication of the theory of incomplete markets is that inefficiency may be a result of underdeveloped financial institutions or credit constraints faced by some members of the public. Research still continues in this area.
PROPERTIES AND CHARACTERIZATION OF GENERAL EQUILIBRIUM MODEL
Basic questions in general equilibrium analysis are concerned with the conditions under which equilibrium will be efficient, which efficient equilibria can be achieved, when equilibrium is guaranteed to exist and when the equilibrium will be unique and stable. For us to know this, we shall look at the following
  • First Fundamental Theorem of Welfare Economics
The First Fundamental Welfare Theorem asserts that market equilibria are Pareto efficient. In a pure exchange economy, a sufficient condition for the first welfare theorem to hold is that preferences be locally non satiated. The first welfare theorem also holds for economies with production regardless of the properties of the production function. Implicitly, the theorem assumes complete markets and perfect information. In an economy with externalities, like Nigeria for example, it is possible for equilibria to arise that are not efficient. This theorem is informative in the sense that it points to the sources of inefficiency in markets. Under the assumptions above, any market equilibrium is tautologically efficient. Therefore, when equilibria arise that are not efficient, the market system itself is not to blame, but rather some sort of market failure.
  • Second Fundamental Theorem of Welfare Economics
While every equilibrium is efficient, it is clearly not true that every efficient allocation of resources will be an equilibrium. However, the second theorem states that every efficient allocation can be supported by some set of prices. In other words, all that is required to reach a particular outcome is a redistribution of initial endowments of the agents after which the market can be left alone to do its work. This suggests that the issues of efficiency and equity can be separated and need not involve a trade-off. The conditions for the second theorem are stronger than those for the first, as consumers' preferences now need to be convex (convexity roughly corresponds to the idea of diminishing rates of marginal substitution, or to preferences where "averages are better than extrema"). Further up, the Second Fundamental Theorem of Equilibrium Analysis leads to Perfect Equilibrium Analysis where market forces join together planned economies in a perfect bound.
  • Existence
Even though every equilibrium is efficient, neither of the above two theorems say anything about the equilibrium existing in the first place. To guarantee that an equilibrium exists, it suffices that consumer preferences be convex (although with enough consumers this assumption can be relaxed both for existence and the second welfare theorem). Similarly, but less plausibly, convex feasible production sets suffice for existence; convexity excludes economies of scale.Proofs of the existence of equilibrium traditionally rely on fixed-point theorems such as Brouwer fixed-point theorem for functions (or, more generally, the Kakutani fixed￾point theorem for set-valued functions). Another method of proof of existence, global analysis, uses Sard's lemma and the Baire category theorem; this method was pioneered by Gérard Debreu and Stephen Smale.
  • Uniqueness
Although generally (assuming convexity) an equilibrium will exist and will be efficient, the conditions under which it will be unique are much stronger. While the issues are fairly technical the basic intuition is that the presence of wealth effects (which is the feature that most clearly delineates general equilibrium analysis from partial equilibrium) generates the possibility of multiple equilibria. When a price of a particular good changes there are two effects.
First, the relative attractiveness of various commodities changes; and second, the wealth distribution of individual agents is altered. These two effects can offset or reinforce each other in ways that make it possible for more than one set of prices to constitute an equilibrium. There has been much research on conditions when the equilibrium will be unique, or which at least will limit the number of equilibria. One result states that under mild assumptions the number of equilibria will be finite and odd .
Furthermore if an economy as a whole, as characterized by an aggregate excess demand function, has the revealed preference property (which is a much stronger condition than revealed preferences for a single individual) or the gross substitute property then likewise the equilibrium will be unique.
  • Determinacy
Given that equilibria may not be unique, it is of some interest to ask whether any particular equilibrium is at least locally unique. If so, then comparative statics can be applied as long as the shocks to the system are not too large. As stated above, in a regular economy equilibria will be finite, hence locally unique. One reassuring result, due to Debreu, is that "most" economies are regular.
Work by Michael Mandler (1999) has challenged this claim. The Arrow–Debreu– McKenzie model is neutral between models of production functions as continuously differentiable and as formed from (linear combinations of) fixed coefficient processes. Mandler accepts that, under either model of production, the initial endowments will not be consistent with a continuum of equilibria, except for a set of Lebesgue measure zero.

However, endowments change with time in the model and this evolution of endowments is determined by the decisions of agents (e.g., firms) in the model. Agents in the model have an interest in equilibria being indeterminate: "Indeterminacy, moreover, is not just a technical nuisance; it undermines the price-taking assumption of competitive models. Since arbitrary small manipulations of factor supplies can dramatically increase a factor's price, factor owners will not take prices to be parametric.
  • Stability
In a typical general equilibrium model the prices that prevail "when the dust settles" are simply those that coordinate the demands of various consumers for various goods. But this raises the question of how these prices and allocations have been arrived at, and whether any (temporary) shock to the economy will cause it to converge back to the same outcome that prevailed before the shock. This is the question of stability of the equilibrium, and it can be readily seen that it is related to the question of uniqueness. If there are multiple equilibria, then some of them will be unstable. Then, if an equilibrium is unstable and there is a shock, the economy will wind up at a different set of allocations and prices once the convergence process terminates. However stability depends not only on the number of equilibria but also on the type of the process that guides price changes (for a specific type of price adjustment process see Walrasian auction).
Consequently some researchers have focused on plausible adjustment processes that guarantee system stability, i.e., guarantee convergence of prices and allocations to some equilibrium. When more than one stable equilibrium exists, where one ends up will depend on where one begins.
UNRESOLVED PROBLEMS IN GENERAL EQUILIBRIUM MODEL
Research building on the Arrow–Debreu–McKenzie model has revealed some problems with the model. The Sonnenschein–Mantel–Debreu results show that, essentially, any restrictions on the shape of excess demand functions are stringent. Some think this implies that the Arrow–Debreu model lacks empirical content. At any rate, Arrow–
Debreu–McKenzie equilibria cannot be expected to be unique, or stable. A model organized around the tâtonnement process has been said to be a model of a centrally planned economy and not a decentralized market economy. Some research has tried to develop general equilibrium models with other processes. In particular, some economists have developed models in which agents can trade at out-of-equilibrium prices and such trades can affect the equilibria to which the economy tends. Particularly noteworthy are the Hahn process, the Edgeworth process and the Fisher process. The data determining Arrow-Debreu equilibria include initial endowments of capital goods. If production and trade occur out of equilibrium, these endowments will be changed and further complicating the picture.
In a real economy, however, trading, as well as production and consumption, goes on out of equilibrium. It follows that, in the course of convergence to equilibrium (assuming that occurs), endowments change. In turn this changes the set of equilibria. Put more succinctly, the set of equilibria is path dependent... [This path dependence] makes the calculation of equilibria corresponding to the initial state of the system essentially irrelevant. What matters is the equilibrium that the economy will reach from given initial endowments, not the equilibrium that it would have been in, given initial endowments, had prices happened to be just.
The Arrow–Debreu model in which all trade occurs in futures contracts at time zero requires a very large number of markets to exist. It is equivalent under complete markets to a sequential equilibrium concept in which spot markets for goods and assets open at each date-state event (they are not equivalent under incomplete markets); market clearing then requires that the entire sequence of prices clears all markets at all times.
A generalization of the sequential market arrangement is the temporary equilibrium structure, where market clearing at a point in time is conditional onexpectations of future prices which need not be market clearing ones.Although the Arrow–Debreu–McKenzie model is set out in terms of some arbitrary numerals, the model does not encompass money. Frank Hahn, for example, has investigated whether general equilibrium models can be developed in which money enters in some essential way. One of the essential questions he introduces, often referred to as the Hahn's problem is : "Can one construct an equilibrium where money has value?" The goal is to find models in which existence of money can alter the equilibrium solutions, perhaps because the initial position of agents depends on monetary prices.
Some critics of general equilibrium modeling contend that much research in these models constitutes exercises in pure mathematics with no connection to actual economies. "There are endeavors that now pass for the most desirable kind of economic contributions although they are just plain mathematical exercises, not only without any economic substance but also without any mathematical value as put by Georgescu-Roegen in one of his paper that assumes more traders in existence than there are points in the set of real numbers.
Although modern models in general equilibrium theory demonstrate that under certain circumstances prices will indeed converge to equilibria, critics hold that the assumptions necessary for these results are extremely strong. As well as stringent restrictions on excess demand functions, the necessary assumptions include perfect rationality of individuals;complete information about all prices both now and in the future; and the conditions necessary for perfect competition. However some results from experimental economics suggest that even in circumstances where there are few, imperfectly informed agents, the resulting prices and allocations may wind up resembling those of a perfectly competitive market (although certainly not a stable general equilibrium in all markets). Frank Hahn defends general equilibrium modeling on the grounds that it provides a negative function. General equilibrium models show what the economy would have to be like for an unregulated economy to be Pareto efficient
CRITICS OF GENERAL EQUILIBRIUM THEORY
General equilibrium theory is a central point of contention and influence between the neoclassical school and other schools of economic thought, and different schools have varied views on general equilibrium theory. Some, such as the Keynesian and Post￾Keynesian schools, strongly reject general equilibrium theory as "misleading" and "useless"; others, such as the Austrian school, show more influence and acceptance of general equilibrium thinking, though the extent is debated. Other schools, such as new classical macroeconomics, developed from general equilibrium theory.In this context, while some criticize positively, some do not.
  • Keynesian and Post-Keynesian
Keynesian and Post-Keynesian economists, and their underconsumptionist predecessors criticize general equilibrium theory specifically, and as part of criticisms of neoclassical economics generally. Specifically, they argue that general equilibrium theory is neither accurate nor useful, that economies are not in equilibrium, that equilibrium may be slow and painful to achieve, and that modeling by equilibrium is "misleading", and that the resulting theory is not a useful guide, particularly for understanding of economic crises. They said let us beware of this dangerous theory of equilibrium which is supposed to be automatically established. A certain kind of equilibrium, it is true, is reestablished in the long run, but it is after a frightful amount of suffering. More methodologically, it is argued that general equilibrium is a fundamentally static analysis, rather than a dynamic analysis, and thus is misleading and inapplicable. The theory of dynamic stochastic general equilibrium seeks to address this criticism.
  • Austrian economists
Whether Austrian economists supports or rejects general equilibrium theory and the precise relationship is unclear. Different Austrian economists have advocated differing positions, which have changed as Austrian economics developed over time. Some new classical economists argue that the work of Friedrich Hayek in the 1920s and 1930s was in the general equilibrium tradition and was a precursor to business cycle equilibrium theory. Others argue that while there are clear influences of general equilibrium on Hayek's thought, and that he used it in his early work, he came to substantially reject it in his later work, post 1937. It is also argued by some that Friedrich von Wieser, along with Hayek, worked in the general equilibrium tradition, while others reject this, finding influences of general equilibrium on the Austrian economists superficial.
  • New classical macroeconomics
While general equilibrium theory and neoclassical economics generally were originally microeconomic theories, New classical macroeconomics builds a macroeconomic theory on these bases. In new classical models, the macroeconomy is assumed to be at its unique equilibrium, with full employment and potential output, and that this equilibrium is assumed to always have been achieved via price and wage adjustment (market clearing). The best-known of such model is Real Business Cycle Theory, in which business cycles are considered to be largely due to changes in the real economy, unemployment is not due to the failure of the market to achieve potential output, but due to equilibrium potential output having fallen and equilibrium unemployment having risen.
  • Socialist economics
Within socialist economics, a sustained critique of general equilibrium theory and neoclassical economics generally is given in Anti-Equilibrium, based on the experiences of János Kornai with the failures of Communist central planning.
CONCLUSION
General equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall (or "general") equilibrium. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. Also, we have attempted to show what general equilibrium models is all about, its properties , features and critics from various scholars of repute. Also, from the point of view of our discussion, you have learnt that General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold.
REFERENCES
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