> It's an interesting and useful paper as a summary mathematical description,
> but from my perspective I would say that the whole paper could be rewritten
> without any reference to "equilibrium" at all, simply by referring to the
> transition from one economic configuration to another configuration. Since
> there is never any balance between supply and demand, the best we can say is
> that at a certain point the imbalances became sufficiently large to be
> unsustainable, meaning the economy as a whole cannot adjust to them without
> a drop in employment, investment and output. To sustain the monetary and
> price regime then involves half the growth rate and double the unemployment
> rate, assuming no significant change in social behaviour.
Hi Jurriaan:
How did you come up with the specific required proportions in the last sentence?
In solidarity, Jerry
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Received on Wed Oct 14 09:48:59 2009
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