Corridor Stability in Early History of Macroeconomics

Michaël Assous

A chapter in 40 Years of Economics, 2025, pp 147-155 from Springer

Abstract: Abstract In his 1973 “Effective Demand failures” article, Axel Leijonhuvfud proposed moving beyond the division between the two “cosmologies” that characterized the twentieth century. The first, allegedly represented by most neoclassical models, presented a view of the world where any deviation of the economy from its stationary equilibrium would immediately trigger “deviation-counteracting feedback control mechanisms.” The larger the deviation, the stronger the “homeostatic” tendencies would be in bringing the system back to equilibrium.

Date: 2025
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Working Paper: "Corridor stability" in early history of macroeconomics (2024)
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DOI: 10.1007/978-3-031-93401-8_9

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