Before revision: I sketch a broad program for a microeconomic theory of the  business cycle as a recurring episode of disequilibrium, driven by incompleteness of the financial market and by information asymmetries between borrowers and lenders.
After revision: I sketch a broad program for a microeconomic theory of the business cycle as a recurring disequilibrium, driven by incompleteness of the financial market and by information asymmetries between borrowers and lenders.