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In response to Mat Forstater:
One can discuss price adjustment and quantity adjustment and splits between price level
rises and when there is a shift in aggregate demand. Most textbooks do that. Mine
certainly does. It is a natural way to talk about policy. And there I make the point that
in the short run the majority of markets are quantity adjusting. It is only when one
starts getting into using terms such as Walrasian, Marshallian, or today, even Keynesian,
that one gets in trouble with reviewers.
Dave Colander
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