The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Disequilibrium Analysis

  • Jean-Pascal Benassy
Reference work entry


A convenient way to define ‘disequilibrium’ is of course as the contrary of ‘equilibrium’. Unfortunately this leaves us with no unique definition as the word equilibrium itself has been used in the economic literature with at least two principal meanings. The first one refers to market equilibrium, i.e. the equality of supply and demand on markets. This is the meaning we shall retain in this entry, and therefore the disequilibrium analysis we shall be concerned with here is the study of nonclearing markets, also called non-Walrasian analysis by reference to the most elaborate model of market clearing, the Walrasian model.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Jean-Pascal Benassy
    • 1
  1. 1.