Survey of non-Walrasian disequilibrium economic theory

Shogo Ogawa

MPRA Paper from University Library of Munich, Germany

Abstract: In this study, we present a survey of (non-Walrasian) disequilibrium economics in which the gap between expressed demand and supply and between desired and realized transaction are allowed. We see a brief history of the disequilibrium theory and characteristics of it such as temoprary equilibria with quantity adjustment and the discontinuity of dynamics due to regime switching. We redefine the disequilibrium economics by comparing with equilibrium economics, and find that the core of it is inconsistency of transaction that is emphasized as ``dual-decision'' by Robert Clower.

Keywords: non-Walrasian; disequilibrium economics; survey; macroeconomics; economic theory (search for similar items in EconPapers)
JEL-codes: B00 C0 D5 E12 (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-his, nep-hme and nep-hpe
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https://mpra.ub.uni-muenchen.de/116798/8/MPRA_paper_116798.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:115011

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