This paper studies the existence and stability of non-Walrasian equilibria in a labour-managed economy. The main finding is that non-Walrasian equilibria exist and constitute a one-dimensional smooth manifold; they are stable but not asymptotically stable.
De Sanctis, A., Weinrich, G. H., Non-Walrasian Equilibria in a Labour-Managed Economy, in Gori F., G. L. G. M. (ed.), Nonlinear Dynamics in Economics and Social Sciences, Springer Verlag, Berlin, Heidelberg 1993: <<LECTURE NOTES IN ECONOMICS AND MATHEMATICAL SYSTEMS>>, 139- 175 [http://hdl.handle.net/10807/38119]
Non-Walrasian Equilibria in a Labour-Managed Economy
Weinrich, Gerd Hellmut
1993
Abstract
This paper studies the existence and stability of non-Walrasian equilibria in a labour-managed economy. The main finding is that non-Walrasian equilibria exist and constitute a one-dimensional smooth manifold; they are stable but not asymptotically stable.
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