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/Kaleckian account of demand-constrained equilibrium, is a viable -- indeed, superior -- alternative to mainstream theory. While the book …
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One of the leading theories of entrepreneurship is that less risk averse individuals become entrepreneurs and more risk averse individuals become their employees. Kihlstrom and Laffont (1979) formalized this insight in an elegant and widely taught general equilibrium model. However, their model...
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seemingly weaker notions of stability follows directly from the optimality conditions, in particular the absence of improvement … trading networks, and testing (chain) stability. …
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