Keynes and Equilibrium: A Note

Abstract

This chapter addresses two related aspects of equilibrium in Keynes’s theory. The first aspect concerns the methodological approach which gives coherence to Keynes’s equilibrium; the second one refers to the burdens posed by Keynesian uncertainty on the specification of equilibrium. A clarification of these aspects is a necessary preliminary step for a positive reconsideration of Keynes’s theory of underemployment equilibrium. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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