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A Non-Walrasian Model of Employment with Partial Price Flexibility and Indexation

In: Issues in Contemporary Macroeconomics and Distribution

Author

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  • Jean-Pascal Benassy

Abstract

In recent years some theories have developed that formalize in various ways the basic Keynesian idea that prices may not clear markets at all times, and thus that economic adjustments take place by quantities as much as by prices, a point that had been emphasized notably by Clower (1965) and Leijonhufvud (1968). These theories have been developed both in a microeconomic and in a macroeconomic framework.1

Suggested Citation

  • Jean-Pascal Benassy, 1985. "A Non-Walrasian Model of Employment with Partial Price Flexibility and Indexation," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Issues in Contemporary Macroeconomics and Distribution, chapter 6, pages 184-196, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06879-1_6
    DOI: 10.1007/978-1-349-06879-1_6
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