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Encyclopedia > Comparative statics

Comparative statics is the comparison of two different equilibrium states, before and after a change in one of the variables. Being a study of statics it compares two different unchanging points, once they have changed. It does not study the motion towards equilibrium, nor the process of the change itself.


It is one of the primary analytical methods used in economics, where it is very commonly used in the study of changes in supply and demand when analyzing a market.


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  Results from FactBites:
 
Comparative statics - Wikipedia, the free encyclopedia (247 words)
Comparative statics is the comparison of two different equilibrium states, before and after a change in one of the variables.
The term 'comparative statics' itself is more commonly used in relation to microeconomics (including general equilibrium analysis) than to macroeconomics.
For models of stable equilibrium rates of change, such as the neoclassical growth model, 'comparative dynamics' is the counterpart of comparative statics, but the term has less currency (Eatwell, 1987).
Describing CS Wiz (1103 words)
For example, an individual demand curve is derived from a comparative statics exercise on the consumer's optimization problem (maximization of utility subject to a budget constraint).
To analyze the comparative statics properties of the model, the numerical value of a single exogenous variable can be changed and the problem resolved.
Comparative statics analysis is completed by simply comparing the initial and new values of the endogenous variable.
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