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- Title
A REPLY.
- Authors
Garegnani, P.
- Abstract
The author clarifies the points made by a critic about his paper on general equilibrium. The claim made by the critic is based on the misunderstanding of the argument in the paper. But the paper, in fact, deals exclusively with long-run equilibria. The problem referred in the critique is whether the process of net saving can lead toa new long-run equilibrium, and whether this can happen without changes in r and w so drastic as to make implausible the traditional explanation of the equilibrium. The process of transition to such a long-run equilibrium does, indeed by itself raise a number of difficulties for the demand and supply theory of distribution. In fact, the demand and supply explanation of distribution seems faced, at the present moment, by two alternatives.
- Subjects
ECONOMIC equilibrium; ECONOMICS; SUPPLY &; demand; ECONOMIC stabilization; MARKET equilibrium; MICROECONOMICS; PRODUCTION (Economic theory)
- Publication
Review of Economic Studies, 1970, Vol 37, Issue 3, p439
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2296731