On Temporary Keynesian Equilibrium

Jean-Michel Grandmont () and Guy Laroque

Chapter 2 in The Microeconomic Foundations of Macroeconomics, 1977, pp 41-61 from Palgrave Macmillan

Abstract: Abstract One of the fundamental purposes of Keynesian theory is to present a model of the economy where transactions take place at prices that do not achieve the equilibrium of supply and demand as the classics understood it. This implies that, in such a model, short-run adjustments must take place at least partly by quantity rationing instead of by price movements.

Keywords: Price System; Labour Service; Competitive Equilibrium; Effective Demand; Quantitative Signal (search for similar items in EconPapers)
Date: 1977
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Journal Article: On Temporary Keynesian Equilibria (1976)
Working Paper: On temporary keynesian equilibria (1974)
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DOI: 10.1007/978-1-349-03236-5_3

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