A Diagrammatic Introduction to Disequilibrium Macroeconomics

Paul John Madden

Bulletin of Economic Research, 1987, vol. 39, issue 2, 121-49

Abstract: A three-commodity model of short-run, non-Walrasian equilibrium is p resented. Without restrictive (e.g., Cobb-Douglas) specifications of utility or production functions, it is possible to obtain definite re sults on uniqueness, stability under short-run quantity adjustment, a nd comparative statics for the model. Much of the analysis can be con ducted through a simple, four-quadrant diagram. Moreover, nonuniquene ss is easily analyzed and the nature of a catastrophic Walrasian equi librium from the non-Walrasian viewpoint is clarified via a study of the stability accompanying this phenomenon. Copyright 1987 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1987
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