An Elasticity Crisis in the Lumpy Economy

Tim Hazledine

Chapter 6 in Full Employment without Inflation, 1984, pp 44-54 from Palgrave Macmillan

Abstract: Abstract Elasticity is the oil that lubricates the market mechanism. This mechanism shows signs of seizing up. Is there direct evidence that this is due to depletion of the elasticity level in the economy?

Keywords: Market System; Price Mechanism; Neoclassical Model; Macroeconomic Performance; Perfect Competition (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-17697-7_6

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DOI: 10.1007/978-1-349-17697-7_6

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