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Survey of non-Walrasian disequilibrium economic theory

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  • Ogawa, Shogo

Abstract

In this study, we present a survey of (non-Walrasian) disequilibrium economics in which the gap between expressed demand and supply and between desired and realized transaction are allowed. We see a brief history of the disequilibrium theory and characteristics of it such as temoprary equilibria with quantity adjustment and the discontinuity of dynamics due to regime switching. We redefine the disequilibrium economics by comparing with equilibrium economics, and find that the core of it is inconsistency of transaction that is emphasized as ``dual-decision'' by Robert Clower.

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  • Ogawa, Shogo, 2022. "Survey of non-Walrasian disequilibrium economic theory," MPRA Paper 115011, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:115011
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    More about this item

    Keywords

    non-Walrasian; disequilibrium economics; survey; macroeconomics; economic theory;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • C0 - Mathematical and Quantitative Methods - - General
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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