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Survey of non-Walrasian disequilibrium economic theory

Ogawa, Shogo (2022): Survey of non-Walrasian disequilibrium economic theory.

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In this study, we present a survey of (non-Walrasian) disequilibrium economics in which the gap between expressed demand and supply and between desired and realized transaction are allowed. We see a brief history of the disequilibrium theory and characteristics of it such as temoprary equilibria with quantity adjustment and the discontinuity of dynamics due to regime switching. We redefine the disequilibrium economics by comparing with equilibrium economics, and find that the core of it is inconsistency of transaction that is emphasized as ``dual-decision'' by Robert Clower.

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