A refinement by ROBERT W. CLOWER of English economist John Maynard Keynes’s (1883-1946) unemployment equilibrium, dual decision hypothesis relates to initial and revised demand and supply plans.
If planned demand (demand based on prices which reflect full employment) varies from actual demand (based on a fall in income due to unemployment), the consumer and trader will have to revise their expenditure/selling plans as the consumer is restricted in his/her demand choices due to income.
Also see: general theory of employment, interest and money
R Clower, ed. Monetary Theory (Harmonds-worth, 1969)
3 thoughts on “Dual decision hypothesis (1969)”
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