envisaged, and modelled, as over-determined systems, in that the number of conditions to be satisfied for equilibrium exceeds … the number of unknowns (equilibrium prices and quantities) to be discovered. This understanding undermines the comfortable … position of full employment, a potential equilibrium solution does exist which - if not instantly, at least eventually – will …

restrictions induced by demand-side elements. We obtain a demand-restricted growth by suggesting an unconventional equilibrium … concept in a stochastic environment. We define macroeconomic equilibrium as stationary no-expectation-error equilibrium. This … equilibrium concept relates to the Nash idea of individual stationary behavior as long as expectations prove to be realized. No …

analysis behind these criticisms is open to challenge in three crucial areas: the nature of the equilibrium that is relevant …