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Disequilibrium macroeconomics is a tradition of research centered on the role of deviation from equilibrium in economics. This approach is also known as non-Walrasian theory , equilibrium with rationing , the non-market clearing approach , and non-tâtonnement theory . [ 1 ]
Disequilibrium is the lack of or opposite of an equilibrium. Economics. lack of economic equilibrium; General disequilibrium; Disequilibrium (economics) Medicine. Disequilibrium (medicine) (DES), a syndrome in cerebral palsy; lack of equilibrioception; Dialysis disequilibrium syndrome; Political science. Status-income disequilibrium; Population ...
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 excess supply , the economy behaved according to Keynesian theory.
Disequilibrium characterizes a market that is not in equilibrium. [10] Disequilibrium can occur extremely briefly or over an extended period of time. At the other extreme, many economists view labor markets as being in a state of disequilibrium—specifically one of excess supply—over extended periods of time.
Monetary disequilibrium theory is a product of the monetarist school and is mainly represented in the works of Leland Yeager and Austrian macroeconomics. The basic concepts of monetary equilibrium and disequilibrium were, however, defined in terms of an individual's demand for cash balance by Mises (1912) in his Theory of Money and Credit .
It can also refer to disequilibrium [2] or a non-specific feeling, such as giddiness or foolishness. [3] Dizziness is a common medical complaint, affecting 20–30% of persons. [4] Dizziness is broken down into four main subtypes: vertigo (~25–50%), disequilibrium (less than ~15%), presyncope (less than ~15%), and nonspecific dizziness (~10% ...
While American economists quickly abandoned disequilibrium models, European economists were more open to models without market clearing. [80] Europeans such as Edmond Malinvaud and Jacques Drèze expanded on the disequilibrium tradition and worked to explain price rigidity instead of simply assuming it. [81]
A disequilibrium occurs due to a non-equilibrium price giving a lack of balance between supply and demand. [3] Excess supply is one of the two types of disequilibrium in a perfectly competitive market, excess demand being the other.