Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/144603
Authors: 
Heise, Arne
Year of Publication: 
2016
Series/Report no.: 
Discussion Papers, Zentrum für Ökonomische und Soziologische Studien 54
Abstract: 
Walras' law is central to the formation of economic theory. For mainstream economics, it is a device for testing rigorousness and consistency of model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes' revolutionary contribution to a new economic paradigm. The purpose of this short research note is to elaborate on the possibility of a refutation of Walras' law and to inquire into its preconditions. It will be argued that this can only be achieved on the basis of an alternative pre-analytic vision of a genuine monetary economy as forshadowed by John Maynard Keynes.
Subjects: 
Walras' law
equilibrium
disequilibrium
heterodoxy
orthodoxy
JEL: 
B50
D50
D51
E 12
Document Type: 
Working Paper

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