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investigated how economic policy would impact an economy where prices did not adjust quickly to changes in supply and demand. The most notable case occurs when some external factor causes high levels of unemployment in an economy, leading to households consuming less and firms providing less
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Studies of general disequilibrium showed that the economy behaved differently depending on which markets (for example, the labor or the goods markets) were out of equilibrium. When both the goods and the labor market suffered from
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employment, leading to a rationing of both goods and work hours. Studies of general disequilibrium have been considered the "height of the
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is a situation in which some or all of the aggregated markets, such as the
148:
Mankiw, N. Gregory (2006) “The
Macroeconomist as Scientist and Engineer,”
81:
141:
Mankiw, N. Gregory, "A Quick
Refresher Course in Macroeconomics."
145:, Vol. 28, No. 4 (Dec., 1990), pp. 1645–1660.
164:
159:, Vol. 7, No. 1 (Winter, 1993), pp. 5–22.
39:. In the 1960s and 1970s, economists such as
155:Romer, David. "The New Keynesian Synthesis."
72:that followed the decline of the synthesis.
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157:The Journal of Economic Perspectives
68:" and an immediate precursor to the
80:, the economy behaved according to
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14:
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150:Journal of Economic Perspectives
143:Journal of Economic Literature
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1:
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31:, the goods market, and the
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87:
35:, fail to clear because of
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194:
178:General equilibrium theory
99:Disequilibrium (economics)
70:new Keynesian economics
66:neoclassical synthesis
25:general disequilibrium
16:Macroeconomic concept
124:Mankiw (1990), 1655.
173:Keynesian economics
61:Jean-Pascal Benassy
53:Axel Leijonhufvud
49:Herschel Grossman
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94:Effective demand
41:Edmond Malinvaud
37:price rigidities
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152:20(4): 29–46.
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78:excess supply
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57:Robert Clower
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21:macroeconomic
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45:Robert Barro
33:labor market
29:money market
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18:
167:Categories
105:References
133:Romer, 5.
82:Keynesian
88:See also
84:theory.
23:theory,
59:, and
47:and
19:In
169::
113:^
55:,
51:,
43:,
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