abalancebetweensupplyanddemandin just onepartof aneconomy:Today's protectionists too often havepartialequilibrium(domestic)economicmodelsinmindwhen what'sneededisgeneralequilibrium(international)politicaleconomymodels.(Definition ofpartial equilibriumfrom theCambridge Business English Dictionary? Cambridge University Press)
Examplesofpartial equilibrium
partial equilibriumFor example, "buyers" and "sellers" are two common types of agents inpartialequilibriummodels of a single market.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Most generally, the general equilibrium final results will differ little from those attained from apartialequilibriumanalysis.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Equilibrium may also be economy-wide or general, as opposed to thepartialequilibriumof a single market.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.The supply and demand model is apartialequilibriummodel where the clearance on the market of some specific goods is obtained independently from prices and quantities in other markets.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.He was committed topartialequilibriummodels over general equilibrium on the grounds that the inherently dynamical nature of economics made the former more practically useful.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.However, this conclusion is based on apartialequilibrium.From theCambridge English CorpusThese papers generally do not consider the behavior of interest rates; they either developpartialequilibriummodels or simply focus on other issues.From theCambridge English CorpusTo be precise, our analysis is apartialequilibriumone without trade in commodities.From theCambridge English CorpusConsistency of the equilibrium expectations causes thepartialequilibriumintuitions to be reversed.From theCambridge English CorpusBecause thepartialequilibriumframework imposes the same capital-labor ratio, both aggregate capital stock and output decline by 40% as well.From theCambridge English CorpusThese examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.#https://dictionary.cambridge.org//dictionary/english/partial-equilibrium##
