General Equilibrium, Partial Equilibrium and the Model of Institutional Change

The characteristics and premises of general equilibrium and partial equilibrium from Coace Theorem are different, it is the concrete course from the part to the former that through demonstration or model effect, study and substitute effect and improvement of compensation condition, the cost and benefits of general equilibrium are changed and the general equilibrium is realized. Because of the complementarity of institutions, the equilibrium of whole institution is also realized.