Econometrica: Aug 1969, Volume 37, Issue 3

Simultaneous Price and Quantity Adjustment in a Single Market

https://doi.org/0012-9682(196908)37:3<470:SPAQAI>2.0.CO;2-N
p. 470-484

Harl E. Ryder, Martin J. Beckmann

This paper discusses the dynamics of disequilibrium in a single market where both price and quantity change in response to disequilibrium. We describe the nature of the adjustment path under a wide variety of assumptions, noting in particular the properties of stability in the large and in the small and the existence of limit cycles.
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