The Multiplier Process as Market Exchange Process A Contribution to the Micro Foundation of Keynesian Macroeconomics Abstract Traditional equilibrium analysis has been incorrectly founded once an \ordering issue\ is concerned. To circumvent this problem, the autonomous demand, which has been missed in traditional microeconomic analysis, has to be introduced into the system as a starting point of a sequence of market exchanges. Following this direction, Keynes's multiplier analysis can also be viewed as a description of the process through which market exchanges are generated. Further
