haku: @indexterm equilibrium theory / yhteensä: 340
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| Tekijä: | Yoshikawa, H. |
| Otsikko: | The role of demand in macroeconomics |
| Lehti: | Japanese Economic Review
2003 : MAR, VOL. 54:1, p. 1-27 |
| Asiasana: | Demand Business cycles Equilibrium theory Macroeconomics |
| Kieli: | eng |
| Tiivistelmä: | It is argued that the standard approach represented by real business cycle theory is misguided, and that a fundamentally different approach is necessary. The new approach, based on the method of statistical mechanics, leads to a new concept of 'equilibrium'. In equilibrium there must be a distribution of productivities rather than a unic level of productivity. |
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