The macroeconomics of disequilibrium
Duménil, Gérard; Lévy, Dominique (1987), The macroeconomics of disequilibrium, Journal of Economic Behavior and Organization, 8, 3, p. 377-395. http://dx.doi.org/10.1016/0167-2681(87)90051-5
TypeArticle accepté pour publication ou publié
Journal nameJournal of Economic Behavior and Organization
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Abstract (EN)It is shown that it is possible to construct a disequilibrium microeconomics in which agents react to the evidence of disequilibrium (inventories, nonnormal ratio of capacity utilization, etc.). In a one good model, we describe the set of fixed points In addition to normal equilibrium, two stationary disequilibria also exist (or regimes of long-term disequilibrium): overheating and inferior states. The set of fixed points which are locally stable displays the shape of a pitchfork.
Subjects / KeywordsEquilibrium (Economics); disequilibrium
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