General Equilibrium When Economic Growth Exceeds Discounting

After dropping the standard general-equilibrium assumption that preference orders discount future consumption faster than the economy grows and dropping continuity and weakening utility representation, we establish commodity prices and consumptions that approach approximate equilibrium to within any practical tolerance. The Weiza cker-overtaking criterion defines the best-known non-standarddiscounting orders we admit over discrete-time, deterministic consumption paths and over continuous-time, stochastic consumption processes. We also perturb preferences to qualify all approximate equilibrium as full equilibrium, thus showing some well-known non-existence examples are singular, and so are inadequate defence of standard assumptions. Journal of Economic Literature Classification Numbers: C60, C62.