In chemistry, the principle is used to manipulate the outcomes of reversible reactions, often to increase the price equilibrium of efficient economic systems.
2.
First, there was a spatial price equilibrium perspective, as in Henderson ( 1957, 1958 ) Next, Stevens ( 1961 ) merged rent and transportation concepts in a simple, interesting paper.
3.
Then, if there exists a consumption vector x'_ i such that x'_ i \ in X _ i and p \ cdot x'_ i, a price quasi-equilibrium is a price equilibrium.
4.
The proof proceeds in two steps : first, we prove that any Pareto-efficient allocation can be supported as a price quasi-equilibrium with transfers; then, we give conditions under which a price quasi-equilibrium is also a price equilibrium.
5.
The formal statement of the theorem is as follows : " If preferences are locally nonsatiated, and if ( x *, y *, p ) is a price equilibrium with transfers, then the allocation ( x *, y * ) is Pareto optimal ."
6.
He said the transition from inflation to price equilibrium in the past has been a time of severe crisis _ and, indeed, he said, just such a crisis has been unfolding in recent years, with the shattering changes in the former Soviet Union and economic and social strains elsewhere.
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