Model (tatonnement process). Comparative statics simply ignores problems such as these

Commentary and Notes to Text 17.7.1.3

Without reference to the process — безотносительно к процессу

Adjustment... is achieved — достигается... регулирование (корректирование)

Snapshot — снимок

Aims to assess the characteristics... —... ставит целью определить характеристики...

Slope — наклон

What is missing from such analysis... — то, что отсутствует в этом анализе...

To deviate from... — отклоняться от...

An auctioneer — аукционист

Price-takers — участники рынка (продавцы, покупатели), принимающие цену,

Соглашающиеся с ценой

Price-setters — участники рынка, устанавливающие цену

Tatonnement — фр. достижение равенства между спросом и предложением на рынке за

Очень короткий срок

17.7.1.4. Read the text “Forecast of Rational Expectations Theory,” translate it and explain the

Meaning of biased forecasts and random events.

The theory of rational expectations is the assumption that the behaviour of economic agents is based

On an understanding of the economy, and a forecast of future events, that are not systematically falsified

By actual economic events. Nobody can predict the future with perfect foresight because unforeseen,

Random happenings are bound to occur. However, someone with rational expectations will construct

Their expectations so that on average they are correct; that is, they will be wrong only because of random,