21. 1983 _ Gerard Debreu, United States, for the reformulation of the theory of general equilibrium . 22. 1983 : Gerard Debreu, United States, for the reformulation of the theory of general equilibrium . 23. His research focused on general equilibrium and capital theory. 24. The theoretical basis was Ricardo's work on Comparative advantage and Say's Law of General equilibrium . 25. These are more complex econometric and general equilibrium models. 26. General equilibrium theory is widely accepted as " the most prestigious economics of all ".27. _1983 : Gerard Debreu, United States, for the reformulation of the theory of general equilibrium . 28. In the context of time based simulations and policy analysis, see dynamic stochastic general equilibrium models. 29. RBC models were one of the inspirations for dynamic stochastic general equilibrium ( DSGE ) models. 30. This makes analysis much simpler than in a general equilibrium model which includes an entire economy.
