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On Temporary Keynesian Equilibrium

  • J.-M. Grandmont
  • G. Laroque
Part of the Other International Economic Association Publications Series book series (IEA)

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.

Keywords

Price System Labour Service Competitive Equilibrium Effective Demand Quantitative Signal 
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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Copyright information

© The International Economic Association 1977

Authors and Affiliations

  • J.-M. Grandmont
    • 1
  • G. Laroque
    • 1
  1. 1.CepremapParisFrance

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