On Temporary Keynesian Equilibrium

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.

Cite this

J.-M. Grandmont, Guy Laroque (1977). On Temporary Keynesian Equilibrium. Palgrave Macmillan UK eBooks. https://doi.org/10.1007/978-1-349-03236-5_3

@article{jm1977on,
  title  = {On Temporary Keynesian Equilibrium},
  author = {Grandmont, J.-M. and Laroque, Guy},
  year   = {1977},
  journal = {Palgrave Macmillan UK eBooks},
  doi    = {10.1007/978-1-349-03236-5_3}
}

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