general equilibrium



  • noun the state when prices and quantities of commodities have been reached an equilibrium

Health Economics

  • (written as General Equilibrium)
    A state of an entire economy in which there is no excess demand or supply and no incentive for any actor to change their behaviour. It is modelled by multiple equations describing the relationships between independent and dependent variables in systems of equations that reflect the behaviour of the actors in the system, the technical possibilities open to them and the nature of any significant interactions between the various sectors.
  • acronymGE


Information & Library Science