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Stable Disequilibrium Prices: Macroeconomics and Increasing Returns I

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  • Geoffrey M. Heal

    (University of Essex)

Abstract

The paper establishes conditions for the existence of a set of prices which are stable and at which markets do not clear, providing a rigorous foundation for the existence of fixed-price equilibria via the macroeconomics of increasing returns. It analyzes a Walrasian price adjustment process for a general equilibrium economy with economies of scale in production.

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File URL: http://cowles.econ.yale.edu/P/cd/d06b/d0650.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 650.

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Length: 22 pages
Date of creation: Nov 1982
Date of revision:
Handle: RePEc:cwl:cwldpp:650

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Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. Hahn, Frank, 1978. "On Non-Walrasian Equilibria," Review of Economic Studies, Wiley Blackwell, vol. 45(1), pages 1-17, February.
  2. M. L. Weitzman, 1981. "Increasing Returns and Unemployment Equilibrium," Working papers 291, Massachusetts Institute of Technology (MIT), Department of Economics.
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