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By Jacques Drèze

Major students examine various particular departures from basic equilibrium concept that have major implications for the macroeconomic research of either built and constructing economies. Jacques Dr?ze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates progress thought to the macroeconomic framework. different concerns tested are the results for macro-policy of recent learn, together with Joseph Stiglitz's caution at the lost zeal for monetary industry liberalization which in part engendered the East Asian and Russian crises.

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Eds), Handbook of Mathematical Economics, vol. II (Amsterdam: North-Holland), pp. 923–1006. Part I The General Framework 2 From Neoclassical Growth Theory to New Classical Macroeconomics Robert M. Solow Massachusetts Institute of Technology, USA The puzzle I want to discuss – at least it seems to me to be a puzzle, though part of the puzzle is why it does not seem to be a puzzle to many of my younger colleagues – is this. More than forty years ago, I – and many others, especially Trevor Swan and James Tobin – worked out what has since come to be called neoclassical growth theory.

Otherwise, the framework is general and flexible. My distinctive modelling assumption is an a priori given partition of commodities into two groups. Commodities in group I have flexible prices, their supplies or demands are never subject to quantity rationing. 25 Think about group II as including labour services, in particular unskilled labour, and goods which are produced from facilities entailing fixed costs. Think about the latter prices as equal to marginal cost plus a mark-up. The mark-up is precisely the price of the input ‘capacity’.

Prices might react slowly and even perversely: for example, unemployment and excess capacity might induce reductions in nominal wages and prices, but if prices fell faster than wages, the real wage could stay unchanged or even rise. It is not important, except to theorists, whether we are looking at some new sort of equilibrium or just an intolerably slow return to full employment. This sort of model involved an unconventional dichotomy. Part of the time, maybe but not necessarily most of the time, economy-wide production and employment are limited by aggregate demand; there is excess supply of labour and productive capacity.

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