There are still problems in handling diversity in economics. The general equilibrium model itself lacks determinacy for a generic population of economic agents. In an ourstanding contribution, Jean-Michel Grandmont (1992) argues that increasing behavioural heterogeneity makes aggregate expenditures more independent of prices.Thisnote emphasises the specific nature of the distributions in Grandmont's framework and enhances that the strong macroeconomic regularities that he evidences cannot be considered as a general property of exchange markets.
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Paper provided by European University Institute in its series Economics Working Papers with number
eco98/38.
Length: 38 pages Date of creation: 1998 Date of revision: Handle: RePEc:eui:euiwps:eco98/38
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Find related papers by JEL classification: D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
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