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href="#Disequilibrium_and_unemployment"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Disequilibrium and unemployment</span> </div> </a> <ul id="toc-Disequilibrium_and_unemployment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Disequilibrium_extensions_of_Arrow–Debreu_general_equilibrium_theory" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Disequilibrium_extensions_of_Arrow–Debreu_general_equilibrium_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Disequilibrium extensions of Arrow–Debreu general equilibrium theory</span> </div> </a> <ul id="toc-Disequilibrium_extensions_of_Arrow–Debreu_general_equilibrium_theory-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Specific_economic_sectors" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Specific_economic_sectors"> <div 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markets</span> </div> </a> <ul id="toc-Labour_markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spillovers_between_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spillovers_between_markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Spillovers between markets</span> </div> </a> <ul id="toc-Spillovers_between_markets-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> 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.sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a class="mw-selflink selflink">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Disequilibrium macroeconomics</b> is a tradition of research centered on the role of <a href="/wiki/Disequilibrium_(economics)" class="mw-redirect" title="Disequilibrium (economics)">disequilibrium</a> in <a href="/wiki/Economics" title="Economics">economics</a>. This approach is also known as <b>non-Walrasian theory</b>, <b>equilibrium with rationing</b>, the <b>non-market clearing approach</b>, and <b>non-tâtonnement theory</b>.<sup id="cite_ref-FOOTNOTEBackhouseBoianovsky20128_1-0" class="reference"><a href="#cite_note-FOOTNOTEBackhouseBoianovsky20128-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Early work in the area was done by <a href="/wiki/Don_Patinkin" title="Don Patinkin">Don Patinkin</a>, <a href="/wiki/Robert_W._Clower" title="Robert W. Clower">Robert W. Clower</a>, and <a href="/wiki/Axel_Leijonhufvud" title="Axel Leijonhufvud">Axel Leijonhufvud</a>. Their work was formalized into <a href="/wiki/General_disequilibrium_models" class="mw-redirect" title="General disequilibrium models">general disequilibrium models</a>, which were very influential in the 1970s. American economists had mostly abandoned these models by the late 1970s, but French economists continued work in the tradition and developed <a href="/w/index.php?title=Fixprice_models&action=edit&redlink=1" class="new" title="Fixprice models (page does not exist)">fixprice models</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Macroeconomic_disequilibria">Macroeconomic disequilibria</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=1" title="Edit section: Macroeconomic disequilibria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the <a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical synthesis</a>, equilibrium models were the rule. In these models, rigid wages modeled unemployment at equilibria. These models were challenged by <a href="/wiki/Don_Patinkin" title="Don Patinkin">Don Patinkin</a> and later disequilibrium theorists. Patinkin argued that unemployment resulted from <a href="/wiki/Disequilibrium_(economics)" class="mw-redirect" title="Disequilibrium (economics)">disequilibrium</a>.<sup id="cite_ref-FOOTNOTEBeaudDostaler1997122_2-0" class="reference"><a href="#cite_note-FOOTNOTEBeaudDostaler1997122-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Patinkin, <a href="/wiki/Robert_W._Clower" title="Robert W. Clower">Robert W. Clower</a>, and <a href="/wiki/Axel_Leijonhufvud" title="Axel Leijonhufvud">Axel Leijonhufvud</a> focused on the role of disequilibrium.<sup id="cite_ref-FOOTNOTEBeaudDostaler1997121–123_3-0" class="reference"><a href="#cite_note-FOOTNOTEBeaudDostaler1997121–123-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Clower and Leijonhufvud argued that disequilibrium formed a fundamental part of Keynes's theory and deserved greater attention.<sup id="cite_ref-FOOTNOTETsoulfidis2010288_4-0" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010288-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Robert_Barro" title="Robert Barro">Robert Barro</a> and <a href="/wiki/Herschel_Grossman" title="Herschel Grossman">Herschel Grossman</a> formulated <a href="/wiki/General_disequilibrium" title="General disequilibrium">general disequilibrium</a> models,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> in which individual markets were locked into prices before there was a general equilibrium. These markets produced "false prices" resulting in disequilibrium.<sup id="cite_ref-FOOTNOTEDe_Vroey2002383_6-0" class="reference"><a href="#cite_note-FOOTNOTEDe_Vroey2002383-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Soon after the work of Barro and Grossman, disequilibrium models fell out of favor in the United States<sup id="cite_ref-FOOTNOTEHoover2003419_7-0" class="reference"><a href="#cite_note-FOOTNOTEHoover2003419-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEMankiw1990_8-0" class="reference"><a href="#cite_note-FOOTNOTEMankiw1990-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTESnowdonVane200572_9-0" class="reference"><a href="#cite_note-FOOTNOTESnowdonVane200572-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> and Barro abandoned Keynesianism and adopted new classical, market-clearing hypotheses.<sup id="cite_ref-FOOTNOTEBarro1979_10-0" class="reference"><a href="#cite_note-FOOTNOTEBarro1979-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> However, leading American economists continued work with disequilibrium models, for example <a href="/wiki/Franklin_M._Fisher" title="Franklin M. Fisher">Franklin M. Fisher</a> at MIT, <a href="/wiki/Richard_E._Quandt" title="Richard E. Quandt">Richard E. Quandt</a> at Princeton University, and <a href="/wiki/John_Roberts_(economist)" class="mw-redirect" title="John Roberts (economist)">John Roberts</a> at Stanford University.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-QuandtRosen_13-0" class="reference"><a href="#cite_note-QuandtRosen-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Disequilibrium_and_unemployment">Disequilibrium and unemployment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=2" title="Edit section: Disequilibrium and unemployment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Malinvaud_unemployment_typology.svg" class="mw-file-description"><img alt="Diagram for Malinvaud's typology of unemployment. Diagram shows curves for the labor and goods markets with Walrasian equilibrium in the center. Regions for Keynesian unemployment, classical unemployment, repressed inflation, and underconsumption" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/Malinvaud_unemployment_typology.svg/220px-Malinvaud_unemployment_typology.svg.png" decoding="async" width="220" height="176" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/Malinvaud_unemployment_typology.svg/330px-Malinvaud_unemployment_typology.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/25/Malinvaud_unemployment_typology.svg/440px-Malinvaud_unemployment_typology.svg.png 2x" data-file-width="500" data-file-height="400" /></a><figcaption>Diagram based on Malinvaud's typology of unemployment shows curves for equilibrium in the goods and labor markets given wage and price levels. Walrasian equilibrium is achieved when both markets are at equilibrium. According to Malinvaud the economy is usually in a state of either Keynesian unemployment, with excess supply of goods and labor, or classical unemployment, with excess supply of labor and excess demand for goods.<sup id="cite_ref-FOOTNOTETsoulfidis2010294_15-0" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010294-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>While disequilibrium economics had only a supporting role in the US, it had major role in European economics, and indeed a leading role in French-speaking Europe.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> In France, Jean-Pascal Bénassy (1975) and Yves Younès (1975) studied <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomic</a> models with fixed prices. Disequilibrium economics received greater research as mass unemployment returned to Western Europe in the 1970s.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Omar_Licandro_2005_18-0" class="reference"><a href="#cite_note-Omar_Licandro_2005-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Disequilibrium economics also influenced European policy discussions, particularly in France and Belgium.<sup id="cite_ref-Omar_Licandro_2005_18-1" class="reference"><a href="#cite_note-Omar_Licandro_2005-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Drèze,_Jacques_H._1994_20-0" class="reference"><a href="#cite_note-Drèze,_Jacques_H._1994-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ReferenceA_21-0" class="reference"><a href="#cite_note-ReferenceA-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> European economists such as <a href="/wiki/Edmond_Malinvaud" title="Edmond Malinvaud">Edmond Malinvaud</a> and <a href="/wiki/Jacques_Dr%C3%A8ze" title="Jacques Drèze">Jacques Drèze</a> expanded on the disequilibrium tradition and worked to explain price rigidity instead of simply assuming it.<sup id="cite_ref-FOOTNOTEBeaudDostaler1997123_22-0" class="reference"><a href="#cite_note-FOOTNOTEBeaudDostaler1997123-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Malinvaud used disequilibrium analysis to develop a theory of unemployment.<sup id="cite_ref-FOOTNOTETsoulfidis2010293_23-0" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010293-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> He argued that disequilibrium in the labor and goods markets could lead to rationing of goods and labor, leading to unemployment.<sup id="cite_ref-FOOTNOTETsoulfidis2010293_23-1" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010293-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Malinvaud adopted a fixprice framework and argued that pricing would be rigid in modern, industrial prices compared to the relatively flexible pricing systems of raw goods that dominate agricultural economies.<sup id="cite_ref-FOOTNOTETsoulfidis2010293_23-2" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010293-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> In Malinvaud's framework, prices are fixed and only quantities adjust.<sup id="cite_ref-FOOTNOTETsoulfidis2010294_15-1" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010294-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Malinvaud considers an equilibrium state in classical and Keynesian unemployment as most likely. He pays less attention to the case of repressed inflation and considers underconsumption/unemployment a theoretical curiosity.<sup id="cite_ref-FOOTNOTETsoulfidis2010295_24-0" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010295-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Work in the neoclassical tradition is confined as a special case of Malinvaud's typology, the Walrasian equilibrium. In Malinvaud's theory, reaching the Walrasian equilibrium case is almost impossible to achieve given the nature of industrial pricing.<sup id="cite_ref-FOOTNOTETsoulfidis2010295_24-1" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010295-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Malinvaud's work provided different policy prescriptions depending on the state of the economy.<sup id="cite_ref-FOOTNOTETsoulfidis2010295_24-2" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010295-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Given Keynesian unemployment, fiscal policy could shift both the labor and goods curves upwards leading to higher wages and prices. With this shift, the Walrasian equilibrium would be closer to the actual economic equilibrium. On the other hand, fiscal policy with an economy in the classical unemployment would only make matters worse. A policy leading to higher prices and lower wages would be recommended instead.<sup id="cite_ref-FOOTNOTETsoulfidis2010296_25-0" class="reference"><a href="#cite_note-FOOTNOTETsoulfidis2010296-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>"Disequilibrium <a href="/wiki/Econometrics" title="Econometrics">macroeconometrics</a>" was developed by Drèze's, Henri Sneessens (1981) and Jean-Paul Lambert (1988).<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> A joint paper by Drèze and Sneessens inspired Drèze and <a href="/wiki/Richard_Layard" class="mw-redirect" title="Richard Layard">Richard Layard</a> to lead the European Unemployment Program, which estimated a common disequilibrium model in ten countries.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> The results of that successful effort were to inspire policy recommendations in Europe for several years.<sup id="cite_ref-Drèze,_Jacques_H._1994_20-1" class="reference"><a href="#cite_note-Drèze,_Jacques_H._1994-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ReferenceA_21-1" class="reference"><a href="#cite_note-ReferenceA-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Disequilibrium_extensions_of_Arrow–Debreu_general_equilibrium_theory"><span id="Disequilibrium_extensions_of_Arrow.E2.80.93Debreu_general_equilibrium_theory"></span>Disequilibrium extensions of Arrow–Debreu general equilibrium theory</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=3" title="Edit section: Disequilibrium extensions of Arrow–Debreu general equilibrium theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Belgium, <a href="/wiki/Jacques_Dr%C3%A8ze" title="Jacques Drèze">Jacques Drèze</a> defined equilibria with price rigidities and quantity constraints and studied their properties, extending the <a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu model</a> of <a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">general equilibrium theory</a> in <a href="/wiki/Mathematical_economics" title="Mathematical economics">mathematical economics</a>. Introduced in his 1975 paper, a "Drèze equilibrium" occurs when supply (demand) is constrained only when prices are downward (upward) rigid, whereas a preselected commodity (e.g. money) is never rationed. Existence is proved for arbitrary bounds on prices. A joint paper with Pierre Dehez established the existence of Drèze equilibria with no rationing of the demand side. Stanford's <a href="/wiki/Donald_John_Roberts" title="Donald John Roberts">John Roberts</a> studied supply-constrained equilibria at competitive prices;<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> similar results were obtained by Jean-Jacques Herings at Tilburg (1987, 1996).<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Roberts and Hering proved the existence of a continuum of Drèze equilibria. Then Drèze (113) proved existence of equilibria with arbitrarily severe rationing of supply. Next, in a joint paper with Herings and others (132), the generic existence of a continuum of Pareto-ranked supply-constrained equilibria was established for a standard economy with some fixed prices. The multiplicity of equilibria thus formalises a trade-off between inflation and unemployment, comparable to a <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a>. Drèze viewed his approach to macroeconomics as examining the macroeconomic consequences of Arrow–Debreu general equilibrium theory with rationing, an approach complementing the often-announced program of providing <a href="/wiki/Microfoundations_of_macroeconomics" class="mw-redirect" title="Microfoundations of macroeconomics">microfoundations for macroeconomics</a>.<sup id="cite_ref-Omar_Licandro_2005_18-2" class="reference"><a href="#cite_note-Omar_Licandro_2005-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Specific_economic_sectors">Specific economic sectors</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=4" title="Edit section: Specific economic sectors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Credit_markets">Credit markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=5" title="Edit section: Credit markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Credit_rationing" title="Credit rationing">Credit rationing</a></div> <p>Disequilibrium credit rationing can occur for one of two reasons. In the presence of <a href="/wiki/Usury" title="Usury">usury</a> laws, if the equilibrium interest rate on loans is above the legally allowable rate, the market cannot clear and at the maximum allowable rate the quantity of credit demanded will exceed the quantity of credit supplied. </p><p>A more subtle source of credit rationing is that higher interest rates can increase the risk of default by the borrower, making the potential lender reluctant to lend at otherwise attractively high interest rates. </p> <div class="mw-heading mw-heading3"><h3 id="Labour_markets">Labour markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=6" title="Edit section: Labour markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Shortage#Labour_shortage" title="Shortage">Labour shortage</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></div> <p>Labour markets are prone to particular sources of price rigidity because the item being transacted is people, and laws or social constraints designed to protect those people may hinder market adjustments. Such constraints include restrictions on who or how many people can be laid off and when (which can affect both the number of layoffs and the number of people hired by firms that are concerned by the restrictions), restrictions on the lowering of wages when a firm experiences a decline in the demand for its product, and long-term labor contracts that pre-specify wages. </p> <div class="mw-heading mw-heading3"><h3 id="Spillovers_between_markets">Spillovers between markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=7" title="Edit section: Spillovers between markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></div> <p>Disequilibrium in one market can affect demand or supply in other markets. Specifically, if an <a href="/wiki/Economic_agent" class="mw-redirect" title="Economic agent">economic agent</a> is constrained in one market, his supply or demand in another market may be changed from its unconstrained form, termed the <i>notional demand</i>, into a modified form known as <i>effective demand</i>. If this occurs systematically for a large number of market participants, market outcomes in the latter market for prices and quantities transacted (themselves either equilibrium or disequilibrium outcomes) will be affected. </p><p>Examples include: </p> <ul><li>If the supply of <a href="/wiki/Mortgage" title="Mortgage">mortgage</a> credit to potential homebuyers is <a href="/wiki/Rationing" title="Rationing">rationed</a>, this will decrease the demand for newly built houses.</li> <li>If labourers cannot supply all the labor they wish to, they will have constrained income and their demand in the goods market will be lower.</li> <li>If employers cannot hire all the labor they wish to, they cannot produce as much output as they wish to, and supply in the market for their good will be diminished.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Non-equilibrium_economics" title="Non-equilibrium economics">Non-equilibrium economics</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a></li> <li><a href="/wiki/Cash-in-advance_constraint" title="Cash-in-advance constraint">Cash-in-advance constraint</a></li> <li><a href="/wiki/Involuntary_unemployment" title="Involuntary unemployment">Involuntary unemployment</a></li> <li><a href="/wiki/Disequilibrium_(economics)" class="mw-redirect" title="Disequilibrium (economics)">Disequilibrium (economics)</a></li> <li><a href="/wiki/Credit_rationing" title="Credit rationing">Credit rationing</a></li> <li><a href="/wiki/Labour_shortage" class="mw-redirect" title="Labour shortage">Labour shortage</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=9" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-FOOTNOTEBackhouseBoianovsky20128-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBackhouseBoianovsky20128_1-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBackhouseBoianovsky2012">Backhouse & Boianovsky 2012</a>, p. 8.</span> </li> <li id="cite_note-FOOTNOTEBeaudDostaler1997122-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBeaudDostaler1997122_2-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBeaudDostaler1997">Beaud & Dostaler 1997</a>, p. 122.</span> </li> <li id="cite_note-FOOTNOTEBeaudDostaler1997121–123-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBeaudDostaler1997121–123_3-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBeaudDostaler1997">Beaud & Dostaler 1997</a>, pp. 121–123.</span> </li> <li id="cite_note-FOOTNOTETsoulfidis2010288-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTETsoulfidis2010288_4-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFTsoulfidis2010">Tsoulfidis 2010</a>, p. 288.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBarroGrossman1971" class="citation journal cs1">Barro, Robert J.; Grossman, Herschel I. (1971). "A General Disequilibrium Model of Income and Employment". <i>American Economic Review</i>. <b>61</b> (1): 82–93.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=A+General+Disequilibrium+Model+of+Income+and+Employment&rft.volume=61&rft.issue=1&rft.pages=82-93&rft.date=1971&rft.aulast=Barro&rft.aufirst=Robert+J.&rft.au=Grossman%2C+Herschel+I.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEDe_Vroey2002383-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEDe_Vroey2002383_6-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFDe_Vroey2002">De Vroey 2002</a>, p. 383.</span> </li> <li id="cite_note-FOOTNOTEHoover2003419-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEHoover2003419_7-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFHoover2003">Hoover 2003</a>, p. 419.</span> </li> <li id="cite_note-FOOTNOTEMankiw1990-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEMankiw1990_8-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFMankiw1990">Mankiw 1990</a>.</span> </li> <li id="cite_note-FOOTNOTESnowdonVane200572-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTESnowdonVane200572_9-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFSnowdonVane2005">Snowdon & Vane 2005</a>, p. 72.</span> </li> <li id="cite_note-FOOTNOTEBarro1979-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBarro1979_10-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBarro1979">Barro 1979</a>.</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">F. M. Fisher. <i>Disequilibrium Foundations of Equilibrium Economics.</i> New York: Cambridge University Press. Econometric Society Monographs. 1983.</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Richard E. Quandt wrote several books on disequilibrium economics: <ul><li>(with <a href="/wiki/Stephen_M._Goldfeld" class="mw-redirect" title="Stephen M. Goldfeld">Stephen M. Goldfeld</a>), <i>Nonlinear Methods in Econometrics</i>, North Holland Publishing Co., (1972).</li> <li><i>The Econometrics of Disequilibrium</i>, Blackwell Publishing Co., Oxford (1988).</li></ul> </span></li> <li id="cite_note-QuandtRosen-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-QuandtRosen_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFQuandtRosen1988" class="citation book cs1"><a href="/w/index.php?title=Richaed_E._Quandt&action=edit&redlink=1" class="new" title="Richaed E. Quandt (page does not exist)">Quandt, Richard E.</a>; <a href="/wiki/Harvey_S._Rosen" title="Harvey S. Rosen">Rosen, Harvey S.</a> (1988). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/conflictbetweene0000quan"><i>The conflict between equilibrium and disequilibrium theories: The case of the U.S. labor market</i></a></span>. <a href="/wiki/Kalamazoo,_Michigan" title="Kalamazoo, Michigan">Kalamazoo, Michigan</a>: <a href="/wiki/Upjohn_Institute" class="mw-redirect" title="Upjohn Institute">Upjohn Institute</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+conflict+between+equilibrium+and+disequilibrium+theories%3A+The+case+of+the+U.S.+labor+market&rft.place=Kalamazoo%2C+Michigan&rft.pub=Upjohn+Institute&rft.date=1988&rft.aulast=Quandt&rft.aufirst=Richard+E.&rft.au=Rosen%2C+Harvey+S.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fconflictbetweene0000quan&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Luc Bauwens, Michel Lubrano, Jean-François Richard. 1999. <i>Bayesian Inference in Dynamic Econometric Models</i>. Oxford University Press.</span> </li> <li id="cite_note-FOOTNOTETsoulfidis2010294-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTETsoulfidis2010294_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTETsoulfidis2010294_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFTsoulfidis2010">Tsoulfidis 2010</a>, p. 294.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><a href="#CITEREFQuandtRosen1988">Quandt & Rosen (1988</a>, p. 5) wrote <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>The debate between protagonists of the equilibrium paradigm and the disequilibrium paradigm has a strong ideological flavor. Proponents of one view frequently think that the alternative view is worthless or downright silly. A few years ago, one of us gave several seminars on the question of how one would test the null hypothesis that [potential data is generated] from an equilibrium as opposed to a disequilibrium specification. On some occasions (mostly in the U.S.), five minutes into the seminar it would be interrupted with the remark, 'What you are trying to do is silly, because everybody knows that prices always clear markets and therefore there is nothing to test.' At other times (mostly in Europe) the interruption took the form, 'What you are trying to do is silly, because everybody knows that prices never clear markets and therefore there is nothing to test.'</p></blockquote></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Jacques H. Drèze. 1987. "Underemployment Equilibria: From Theory to Econometrics and Policy" [First Congress of the <a href="/wiki/European_Economic_Association" title="European Economic Association">European Economic Association</a>, Presidential Address] <i>European Economic Review</i>, 31: 9—34. Reprinted in Drèze 1993: <i>Underemployment Equilibria: Essays in Theory, Econometrics and Policy</i>, Cambridge University Press, Cambridge, 1991.</span> </li> <li id="cite_note-Omar_Licandro_2005-18"><span class="mw-cite-backlink">^ <a href="#cite_ref-Omar_Licandro_2005_18-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Omar_Licandro_2005_18-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Omar_Licandro_2005_18-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">"From uncertainty to macroeconomics and back: an interview with Jacques Drèze", Pierre Dehez and Omar Licandro. <i><a href="/wiki/Macroeconomic_Dynamics" title="Macroeconomic Dynamics">Macroeconomic Dynamics</a></i>, 9, 2005, 429–461.</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">The rise of European unemployment prompted several books by <a href="/wiki/Edmond_Malinvaud" title="Edmond Malinvaud">Edmond Malinvaud</a>: <ul><li>"Theory of Unemployment Reconsidered", 1977.</li> <li>Malinvaud and Fitoussi, editors, Unemployment in Western Countries.</li> <li>"Profitability and Unemployment", 1980.</li> <li>"Théorie macroéconomique", 2 volumes, 1981-2.</li> <li>"Mass Unemployment", 1984</li></ul> </span></li> <li id="cite_note-Drèze,_Jacques_H._1994-20"><span class="mw-cite-backlink">^ <a href="#cite_ref-Drèze,_Jacques_H._1994_20-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Drèze,_Jacques_H._1994_20-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">*Drèze, Jacques H.; <a href="/wiki/Edmond_Malinvaud" title="Edmond Malinvaud">Malinvaud, Edmond</a>. 1994. 'Growth and employment: The scope for a European initiative', <i>European Economic Review</i> 38, 3—4: 489—504. <ul><li>Drèze, Jacques, <a href="/wiki/Edmond_Malinvaud" title="Edmond Malinvaud">E. Malinvaud</a>, P. De Grauwe, L. Gevers, A. Italianer, O. Lefebvre, M. Marchand, H. Sneesens, A. Steinherr, Paul Champsaur, J.-M. Charpin, J.-P. Fitoussi & G. Laroque (1994) "Growth and employment: the scope for a European initiative". <i>European Economy, Reports and Studies</i> 1, 75–106.</li></ul> </span></li> <li id="cite_note-ReferenceA-21"><span class="mw-cite-backlink">^ <a href="#cite_ref-ReferenceA_21-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ReferenceA_21-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><i>Unemployment: Macroeconomic Performance and the Labour Market</i>, Richard Layard, S. Nickell and R. Jackman) Oxford University Press, 2nd ed., 2005.</span> </li> <li id="cite_note-FOOTNOTEBeaudDostaler1997123-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBeaudDostaler1997123_22-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBeaudDostaler1997">Beaud & Dostaler 1997</a>, p. 123.</span> </li> <li id="cite_note-FOOTNOTETsoulfidis2010293-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTETsoulfidis2010293_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTETsoulfidis2010293_23-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTETsoulfidis2010293_23-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFTsoulfidis2010">Tsoulfidis 2010</a>, p. 293.</span> </li> <li id="cite_note-FOOTNOTETsoulfidis2010295-24"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTETsoulfidis2010295_24-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTETsoulfidis2010295_24-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTETsoulfidis2010295_24-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFTsoulfidis2010">Tsoulfidis 2010</a>, p. 295.</span> </li> <li id="cite_note-FOOTNOTETsoulfidis2010296-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTETsoulfidis2010296_25-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFTsoulfidis2010">Tsoulfidis 2010</a>, p. 296.</span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"> <ul><li>Sneessens, Henri B. 1981. <i>Theory and Estimation of Macroeconomic Rationing Models</i>. Springer-Verlag Lecture Notes in Economics and Mathematical Systems, Volume 191.</li> <li>Lambert, Jean-Paul. 1988. <i>Disequilibrium Macroeconomic Models: Theory and Estimation of Rationing Models Using Business Survey Data</i>. Cambridge UP.</li></ul> </span></li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">Jacques H. Drèze, Charles R. Bean, JP Lambert. 1990. <i>Europe's Unemployment Problem</i>. MIT Press. This book has chapter-versions of the following refereed articles: <ul><li>Henri R. Sneessens and Jacques H. Drèze. 1986. "A Discussion of Belgian unemployment, combining traditional concepts and disequilibrium econometrics." <i>Economica</i> 53: S89—S119. [Supplement: Charles Bean, <a href="/wiki/Richard_Layard" class="mw-redirect" title="Richard Layard">Richard Layard</a>, and Stephen Nickell, eds. 1986. <i>The Rise in Unemployment</i>. Blackwell]</li> <li>Jacques H. Drèze and Charles Bean. 1990. "European unemployment: Lessons from a multicountry econometric study." <i>Scandinavian Journal of Economics</i> Vol 92, No. 2: 135—165 [Bertil Holmlund and Garl-Gustaf Löfgren, eds. <i>Unemployment and Wage Determination in Europe</i>. Blackwell. 3—33. In Dréze 1993.]</li></ul> </span></li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRoberts1987" class="citation journal cs1"><a href="/wiki/Donald_John_Roberts" title="Donald John Roberts">Roberts, J.</a> (1987). "An equilibrium model with involuntary unemployment at flexible, competitive prices and wages". <i>American Economic Review</i>. <b>77</b>: 856–74.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=An+equilibrium+model+with+involuntary+unemployment+at+flexible%2C+competitive+prices+and+wages&rft.volume=77&rft.pages=856-74&rft.date=1987&rft.aulast=Roberts&rft.aufirst=J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"> <ul><li>Herings, J. J. (1996), <i>Static and Dynamic Aspects of General Disequilibrium Theory</i>, Kluwer.</li></ul> </span></li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Disequilibrium_macroeconomics&action=edit&section=10" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBackhouseBoianovsky2012" class="citation book cs1">Backhouse, Roger; Boianovsky, Mauro (2012). <i>Transforming modern macroeconomics : exploring disequilibrium microfoundations, 1956–2003</i>. New York: Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-107-02319-2" title="Special:BookSources/978-1-107-02319-2"><bdi>978-1-107-02319-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Transforming+modern+macroeconomics+%3A+exploring+disequilibrium+microfoundations%2C+1956%E2%80%932003&rft.place=New+York&rft.pub=Cambridge+University+Press&rft.date=2012&rft.isbn=978-1-107-02319-2&rft.aulast=Backhouse&rft.aufirst=Roger&rft.au=Boianovsky%2C+Mauro&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarro1979" class="citation journal cs1">Barro, R. J. (1979). "Second Thoughts on Keynesian Economics". <i>The American Economic Review</i>. <b>69</b> (2): 54–59. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1801616">1801616</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+American+Economic+Review&rft.atitle=Second+Thoughts+on+Keynesian+Economics&rft.volume=69&rft.issue=2&rft.pages=54-59&rft.date=1979&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1801616%23id-name%3DJSTOR&rft.aulast=Barro&rft.aufirst=R.+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBeaudDostaler1997" class="citation book cs1">Beaud, Michel; Dostaler, Gilles (1997). <i>Economic Thought since Keynes</i>. New York: Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-16454-2" title="Special:BookSources/978-0-415-16454-2"><bdi>978-0-415-16454-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economic+Thought+since+Keynes&rft.place=New+York&rft.pub=Routledge&rft.date=1997&rft.isbn=978-0-415-16454-2&rft.aulast=Beaud&rft.aufirst=Michel&rft.au=Dostaler%2C+Gilles&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDe_Vroey2002" class="citation book cs1">De Vroey, Michel (2002). "Involuntary unemployment in Keynesian economics". In Snowdon, Brian; Vane, Howard (eds.). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria"><i>An Encyclopedia of Macroeconomics</i></a></span>. Northampton, Massachusetts: Edward Elgar Publishing. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria/page/381">381–385</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84542-180-9" title="Special:BookSources/978-1-84542-180-9"><bdi>978-1-84542-180-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Involuntary+unemployment+in+Keynesian+economics&rft.btitle=An+Encyclopedia+of+Macroeconomics&rft.place=Northampton%2C+Massachusetts&rft.pages=381-385&rft.pub=Edward+Elgar+Publishing&rft.date=2002&rft.isbn=978-1-84542-180-9&rft.aulast=De+Vroey&rft.aufirst=Michel&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediaofma00bria&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHoover2003" class="citation book cs1">Hoover, Kevin D. (2003). "A History of Postwar Monetary Economics and Macroeconomics". In Samuels, Warren J.; Biddle, Jeff E.; Davis, John B. (eds.). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/companiontohisto00samu"><i>A Companion to the History of Economic Thought</i></a></span>. Malden, Massachusetts: Blackwell Publishing. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/companiontohisto00samu/page/n429">411</a>–427. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-631-22573-7" title="Special:BookSources/978-0-631-22573-7"><bdi>978-0-631-22573-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=A+History+of+Postwar+Monetary+Economics+and+Macroeconomics&rft.btitle=A+Companion+to+the+History+of+Economic+Thought&rft.place=Malden%2C+Massachusetts&rft.pages=411-427&rft.pub=Blackwell+Publishing&rft.date=2003&rft.isbn=978-0-631-22573-7&rft.aulast=Hoover&rft.aufirst=Kevin+D.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fcompaniontohisto00samu&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMankiw1990" class="citation journal cs1"><a href="/wiki/N._Gregory_Mankiw" class="mw-redirect" title="N. Gregory Mankiw">Mankiw, N. Gregory</a> (December 1990). <a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3256">"A Quick Refresher Course in Macroeconomics"</a>. <i>Journal of Economic Literature</i>. <b>28</b> (4): 1645–1660. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3256">10.3386/w3256</a></span>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2727441">2727441</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Literature&rft.atitle=A+Quick+Refresher+Course+in+Macroeconomics&rft.volume=28&rft.issue=4&rft.pages=1645-1660&rft.date=1990-12&rft_id=info%3Adoi%2F10.3386%2Fw3256&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2727441%23id-name%3DJSTOR&rft.aulast=Mankiw&rft.aufirst=N.+Gregory&rft_id=https%3A%2F%2Fdoi.org%2F10.3386%252Fw3256&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSnowdonVane2005" class="citation book cs1">Snowdon, Brian; Vane, Howard (2005). <i>Modern Macroeconomics</i>. Cheltenham, UK: Edward Elgar. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84542-208-0" title="Special:BookSources/978-1-84542-208-0"><bdi>978-1-84542-208-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Modern+Macroeconomics&rft.place=Cheltenham%2C+UK&rft.pub=Edward+Elgar&rft.date=2005&rft.isbn=978-1-84542-208-0&rft.aulast=Snowdon&rft.aufirst=Brian&rft.au=Vane%2C+Howard&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTsoulfidis2010" class="citation book cs1">Tsoulfidis, Lefteris (2010). <i>Competing schools of economic thought</i>. London: Springer. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-540-92692-4" title="Special:BookSources/978-3-540-92692-4"><bdi>978-3-540-92692-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Competing+schools+of+economic+thought&rft.place=London&rft.pub=Springer&rft.date=2010&rft.isbn=978-3-540-92692-4&rft.aulast=Tsoulfidis&rft.aufirst=Lefteris&rfr_id=info%3Asid%2Fen.wikipedia.org%3ADisequilibrium+macroeconomics" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output 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.navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div><div role="navigation" class="navbox" aria-labelledby="Macroeconomics" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics" title="Template:Macroeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics" title="Template talk:Macroeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics" title="Special:EditPage/Template:Macroeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Macroeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Basic concepts</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Models</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related fields</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Mainstream</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Heterodox</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li>Disequilibrium</li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></div></div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable <a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">macroeconomists</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Critique</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a 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title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic 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title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a class="mw-selflink selflink">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. 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