Stable Disequilibrium Prices: Macroeconomics and Increasing Returns I
The paper establishes conditions for the existence of a set of prices which are stable and at which markets do not clear, providing a rigorous foundation for the existence of ﬁxed-price equilibria via the macroeconomics of increasing returns. It analyzes a Walrasian price adjustment process for a general equilibrium economy with economies of scale in production.
Heal, Geoffrey M., "Stable Disequilibrium Prices: Macroeconomics and Increasing Returns I" (1982). Cowles Foundation Discussion Papers. 884.