What This Document Is
This document contains detailed lecture notes from an introductory economics course (ECON 2) at the University of California, Berkeley. Specifically, these notes cover advanced topics related to general equilibrium theory, building upon foundational concepts typically introduced in earlier economics coursework. The notes represent a focused exploration of theoretical models and graphical representations used to understand market equilibrium.
Why This Document Matters
These lecture notes are an invaluable resource for students currently enrolled in or planning to take a rigorous introductory economics course. They are particularly helpful for those who benefit from a comprehensive written record of lectures, allowing for focused review and deeper understanding of complex economic principles. Students preparing for exams, working on assignments, or seeking to solidify their grasp of general equilibrium concepts will find these notes exceptionally useful. Access to these notes can significantly enhance your learning experience and provide a strong foundation for further study in economics.
Topics Covered
* Walrasian Equilibrium – theoretical existence and graphical representations
* Edgeworth Box diagrams and their application to equilibrium analysis
* Market Demand and Excess Demand functions
* Price Normalization and its role in equilibrium modeling
* Offer Curves and their relationship to Walrasian Equilibrium
* Graphical “Proofs” of Equilibrium Existence and their underlying assumptions
* Walras’ Law and its implications for market clearing
What This Document Provides
* A detailed, lecture-based presentation of key concepts in general equilibrium theory.
* Formal definitions of core economic terms and notations.
* Explanations of the logical connections between different economic principles.
* A structured approach to understanding the conditions necessary for market equilibrium.
* A foundation for more advanced study of economic modeling and analysis.
