Fixed Point Structure of the "Principle of Effective Demand" : An Exposition

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This expository article will focus on the general (dis) equilibrium aspects of John Maynard Keynes' General Theory to provide a fixedpoint characterization of macroeconomic equilibria. As an immediate consequence of our fixed-point characterization, the quantity adjustment process known as the "Principle of Effective Demand" will be identified as the counterpart to the Debreu mapping which represents the tatonnemnent process in the traditional general equilibrium analysis.

source:Economic journal of Chiba University

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