In terms of your understanding and beliefs about the functioning of your economy, which of the four markets (commodities, money, bonds and labor) clear on a daily, weekly and monthly basis? Which may not do so, at least within thirty days of a disturbance? Within 6 months? Within a year?

If some of the markets do so while others do not do so, does this support Leijonhufvud’s

(1967,1968) and Clower’s (1965/1969) contention that Walras’s law is not an identity when there is disequilibrium in some markets?