Note on Keynes’s Use of the Term ‘Equilibrium’ in the General Theory

Don Patinkin

Chapter 2 in The Notion of Equilibrium in the Keynesian Theory, 1992, pp 13-17 from Palgrave Macmillan

Abstract: Abstract My views on the above question (which I have frequently expressed in earlier writings1) can be stated very briefly: namely, that though in the General Theory, Keynes claimed to have developed a theory of ‘unemployment equilibrium’, he was not using the term ‘equilibrium’ in the strict sense that nothing tends to change in the system. More precisely, he was referring to a temporary equilibrium position in the Marshallian sense, a position that would subsequently change as variables which had been held constant would be permitted to change in accordance with market forces.

Keywords: General Theory; Strict Sense; Aggregate Demand; Full Employment; Aggregate Supply (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-22086-1_2

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