Macro-Disequilibrium Economics

Abstract

Macro-disequilibrium economics deals traditionally with systems such as the dynamic multiplier, the multiplier-accelerator mechanism and inventory models. More recently a fascinating development in economic analysis has taken place, centred around markets operating under conditions of insufficient information. The implications for macro-economics are most important. A discussion of the ‘new’ macro-disequilibrium analysis based on the ‘Keynes versus Classics’ controversy is therefore included.