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The Stability of a Competitive Economy: A Survey Article

Takashi Negishi

Abstract

Some of the recent contributions to the problem of the stability of a competitive economy are surveyed. Emphases are laid on the uses of economic laws such as Walras' law, the homogeneity of demand functions with respect to prices, etc., in proving stability, and on the development of models of non-tatonnement processes of adjustment in the market.