Abstract
The main focus of this book is on the application of disequilibrium theory in empirical macro economics. In this introduction we will indicate how our work links up with that of others and for which fields our contributions may be of interest. For this purpose we will start with a brief discussion of disequilibrium in general and its role in the development of macro economics.
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Notes to Chapter 1
Cf. Leijonhufvud (1965).
Cf. Shackle (1974).
Clower identifies the concepts ‘notional’ and ‘planned’ in this case. It is difficult to fix the meaning of ex ante variables once and for all, as many different definitions are conceivable, and the accurate meaning of any ex ante variable is only clear from the model in which it is used. Roughly speaking, we will use the terms ‘notional’ or ‘potential’ generally to indicate values of variables that would be attained if the relevant agents’ anticipations were correct and hence the relevant market would not reveal any tension.
Clower insists on an infinitively fast volume adjustment and the exclusion of any stocks in his analysis to make the point of current income as an independent determinant of spending. We agree with his critics that the introduction of stocks, especially those of money, and the treatment of the different decision rounds as time—consuming processes would have made his analysis both more realistic and more clear.
Cf. Brechling (1965).
Cf. Centraal Planbureau (1961).
Cf. Lenderink and Siebrand (1977).
Cf. section 2.5.
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© 1979 Springer Science+Business Media Dordrecht
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Siebrand, J.C. (1979). Introduction. In: Towards Operational Disequilibrium Macro Economics. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-3561-2_1
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DOI: https://doi.org/10.1007/978-94-017-3561-2_1
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