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dc.contributor.authorAoki, Masanaoen_US
dc.contributor.authorYoshikawa, Hiroshien_US
dc.date.accessioned2009-10-01T14:50:35Z-
dc.date.available2009-10-01T14:50:35Z-
dc.date.issued2009en_US
dc.identifier.citationEconomics: The Open-Access, Open-Assessment E-Journal 3 2009-37 1-9 doi:10.5018/economics-ejournal.ja.2009-37en_US
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2009-37-
dc.identifier.urihttp://hdl.handle.net/10419/28107-
dc.description.abstractThe standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor is equal across firms and industries. However, productivity dispersion is widely observed in the real economy. Search theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the observed pattern of productivity dispersion. Non-self-averaging, a concept little known to economists, plays the major role. Empirical observation suggests strongly the presence of disturbing forces which dominate equilibrating forces due to optimizing behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in macroeconomics.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesEconomics 2009-37en_US
dc.subject.jelD50en_US
dc.subject.jelE50en_US
dc.subject.jelJ64en_US
dc.subject.ddc330en_US
dc.subject.keywordEquilibriumen_US
dc.subject.keywordsearch theoryen_US
dc.subject.keywordproductivity dispersionen_US
dc.subject.keywordpower-lawen_US
dc.subject.keywordnon-self-averagingen_US
dc.titleThe nature of equilibrium in macroeconomics: a critique of equilibrium search theoryen_US
dc.typeWorking Paperen_US
dc.identifier.ppn609708147en_US
dc.identifier.urlhttp://www.economics-ejournal.org/economics/journalarticles/2009-37-
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifweej:200937-
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