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Note on Keynes’s Use of the Term ‘Equilibrium’ in the General Theory

In: The Notion of Equilibrium in the Keynesian Theory

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  • Don Patinkin

Abstract

My views on the above question (which I have frequently expressed in earlier writings1) can be stated very briefly: namely, that though in the General Theory, Keynes claimed to have developed a theory of ‘unemployment equilibrium’, he was not using the term ‘equilibrium’ in the strict sense that nothing tends to change in the system. More precisely, he was referring to a temporary equilibrium position in the Marshallian sense, a position that would subsequently change as variables which had been held constant would be permitted to change in accordance with market forces.

Suggested Citation

  • Don Patinkin, 1992. "Note on Keynes’s Use of the Term ‘Equilibrium’ in the General Theory," Palgrave Macmillan Books, in: Mario Sebastiani (ed.), The Notion of Equilibrium in the Keynesian Theory, chapter 2, pages 13-17, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22086-1_2
    DOI: 10.1007/978-1-349-22086-1_2
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