ABSTRACT
Before we discuss the basis of the model sequences, we will see that Lundberg has formulated his ideas as a critique of the application partial
equilibrium analysis to macrodynamic problems. 1 His criticism is based on two different points, the aggregation of the partial equilibrium analysis which is then supposed to encompass the whole system, and the assumption of an unproblematic adjustment towards equilibrium (cp. ibid., p.20). The latter half of his critique is certainly in line with his critique in the 1930 article, namely, that the velocities of adjustment have to be taken into consideration in the analysis of an adaptation process (cp. ibid., pp.l019; sect. V:2). However, this problem is now tackled by constructing a sequence analysis which explicitly shows the adjustment over time.
