Limits to the equilibrating capabilities of market systems
- Author(s): Leijonhufvud, Axel
- et al.
Published Web Locationhttps://doi.org/10.1007/s11403-009-0052-z
Serious macroproblems are not a simple result of inflexibilities of prices. Standard economic theory does not help our understanding of the role of money and of monetary institutions in disturbed states of the economy. Several examples are discussed.