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Keynes and Conventional Equilibria

In: The Notion of Equilibrium in the Keynesian Theory

Author

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  • Bruce Littleboy

Abstract

Two ideas about Keynes’s views on unemployment equilibrium have found support. The first is the strident claim that there can exist in logic a vector of prices and quantities which would persist in the long run were it not for the likelihood in practice of exogenous shocks in a world of uncertainty and flux. The second idea identifies Keynes’s insight as one where short-run unemployment states can be protracted and where the automatic restoration of full-employment equilibrium involves a tediously slow and irregular process of adjustment. Patinkin1 and Clower2 can be associated with the latter, more widespread, view.

Suggested Citation

  • Bruce Littleboy, 1992. "Keynes and Conventional Equilibria," Palgrave Macmillan Books, in: Mario Sebastiani (ed.), The Notion of Equilibrium in the Keynesian Theory, chapter 4, pages 32-45, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22086-1_4
    DOI: 10.1007/978-1-349-22086-1_4
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    Cited by:

    1. Marco A. Crocco, 2008. "Technical Change And Formation Of Expectations," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 276-304, May.

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