Abstract
This paper studies the existence and stability of non-Walrasian equilibria in a labour-managed economy. The main finding is that non-Walrasian equilibria exist and constitute a one-dimensional smooth manifold; they are stable but not asymptotically stable.
This research has been performed as part of a national research project on Non Linear Dynamics in Economics and Social Sciences M.P.I. 40%. The authors are grateful to anonymous referees for helpful comments.
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© 1993 Springer-Verlag Berlin Heidelberg
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De Sanctis, A., Weinrich, G. (1993). Non-Walrasian Equilibria in a Labour-Managed Economy. In: Gori, F., Geronazzo, L., Galeotti, M. (eds) Nonlinear Dynamics in Economics and Social Sciences. Lecture Notes in Economics and Mathematical Systems, vol 399. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-58031-4_8
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DOI: https://doi.org/10.1007/978-3-642-58031-4_8
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Print ISBN: 978-3-540-56704-2
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