Abstract
In the recent years, a number of pathbreaking revisions have occurred in the standard theory of price and quantity determination outside equilibrium. These innovations have been mainly centered around two themes: First the standard neoclassical demand functions responding only to prices have to be replaced by effective demands, taking into account quantity signals as well. Accordingly quantity adjustments occur in the economy, which may disturb the working of the traditional price mechanism. These have been studied brilliantly by Clower [15], [16], Leijon- hufvud [28], [29]1 in their reappraisal of Keynesian economics.
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Benassy, JP. (1977). A Neokeynesian Model of Price and Quantity Determination in Disequilibrium. In: Schwödiauer, G. (eds) Equilibrium and Disequilibrium in Economic Theory. Theory and Decision Library, vol 13. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-1155-6_27
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