Equilibrium
From Economics
[edit] Definition
Three types:
- Keynesian: There are points of rest which occur in the macroeconomy. Government involvement can choose more beneficial states of rest than others.
- Mises: Evenly roatating economy - ?
- Traditional: A point of tendency with momentum (gravity) tending towards it.
Fisher Black says that Keynesianism is a theory of disequilibrium, even though he thinks we are in some sort of equilibrium at all times. Therefore, disequilibrium cannot persist.
| This macro-stub needs improving. |
