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Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Digital de Derecho Administrativo is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology used to understand the economy as a whole. Criticism has been levelled at the assumptions employed in the dominant models, particularly that economic agents are homogeneous and optimising and that the economy is equilibrating. This paper seeks to explore an interdisciplinary approach to macroeconomic modelling, with techniques drawn from other (natural and social) sciences. Specifically, it discusses agent-based modelling, which is used across a wide range of disciplines, as an example of such a technique. Agent-based models are complementary to existing approaches and are suited to answering macroeconomic questions where complexity, heterogeneity, networks, and heuristics play an important role. [ABSTRACT FROM AUTHOR]

The concept of equilibrium has become the centerpiece of modern economic analysis. Moreover, it has provided the impetus behind the expansion of economic theory into areas of the social sciences that used to be regarded as remote. The current paper aims at explaining the changes in economic science that have brought about this process, while at the same time ofering a cursory discussion of the foundations of the concept of equilibrium, its strengths, the methodological challenges it presents, especially as regards the case of "multiple equilibria", and a sketch of alternatives that could tackle said challenges. [ABSTRACT FROM AUTHOR]

This paper evaluates how economic theory deals with analyses of current real estate dynamics and urban residential structure. It shows the fundamental axioms of neoclassical spatial synthesis and their explanations in terms of equilibrium, and highlights ambiguous and unsatisfactory, but elegant, solutions to urban spatial economic structure and dynamics. It presents the critical heterodox approach to the fundamental axioms and the hypothesis of spatial equilibrium, and shows the main aspects of the central heterodox contribution to residential real estate dynamics. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper seeks to point out and to correct some mistakes of the conventional theory of imperfect competition based on partial equilibrium analysis. It extends to imperfect competition the classical model of general equilibrium, signalling the interconnections between individual prices and between these and macroeconomic aggregates. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo discurre sobre la relación entre la desigualdad, las crisis financieras y el estancamiento. El autor comenta sobre el impacto de la crisis financiera global de 2008 en la economía global y describe el desarrollo de políticas económicas durante este periodo. También se considera el concepto de la economía pluralista.

El artículo discurre sobre el concepto conocido como la hipótesis de expectativas racionales en los estudios macroeconómicos. La autora comenta sobre la historia de esta hipótesis desde los años 1970 y describe algunas de sus faltas, incluyendo el concepto del desequilibro y la política económica moderna.

Combining the approaches of Ortiz and Mejía et al., this paper proposes a new model of drug trafficking and conflict. In a general equilibrium framework, an explanation of the downward trend in the price of cocaine over the last two decades is developed. The model shows that the main factor causing this trend is the increase in productivity in the production of cocaine, which has counterbalanced the impact of the supply-side control policies and the decrease in the number of hectares of land planted with coca. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo trata el factor de eficiencia económica en la elaboración y evaluación de políticas publicas. Destaca la influencia de los costos de transacción en la teoría de la nueva economía institucional a diferencia de la neoclásica. Asevera que los costos de transacción influyen en el equilibrio entre la oferta y la demanda y en la negociación entre productores y consumidores.