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<strong>PT</strong> – Part time, a term used to describe students attending school with less than a full-time academic workload, as defined by the school.
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dual-decision hypothesis (E6)<br />Clower's reinterpretation of KEYNEs's unemployment equilibrium by distinguishing 'notional' demand, the demand of households at prices reflecting a FULL- EMPLOYMENT equilibrium from 'effective' demand, the demand of households whose actual incomes have fallen through unemployment. Adjustment to unemployment equilibrium takes place through incomes and not through relative prices. This hypothesis recognizes that in a market system a household cannot buy and sell what it pleases if there is excess supply in the economy, and attempts to reconcile WALRAS'S LAW with KEYNEs's General Theory.<br /><em>Reference</em><br />Clower, R.W (ed.) (1969) Monetary Theory, ch. 19, Harmondsworth: Penguin.
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