Keynes and Conventional Equilibria

Bruce Littleboy

Chapter 4 in The Notion of Equilibrium in the Keynesian Theory, 1992, pp 32-45 from Palgrave Macmillan

Abstract: Abstract Two ideas about Keynes’s views on unemployment equilibrium have found support. The first is the strident claim that there can exist in logic a vector of prices and quantities which would persist in the long run were it not for the likelihood in practice of exogenous shocks in a world of uncertainty and flux. The second idea identifies Keynes’s insight as one where short-run unemployment states can be protracted and where the automatic restoration of full-employment equilibrium involves a tediously slow and irregular process of adjustment. Patinkin1 and Clower2 can be associated with the latter, more widespread, view.

Keywords: Interest Rate; Real Wage; Full Employment; Price Expectation; Money Wage (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-22086-1_4

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