If, in the market for a certain good, a price is established at which there is no excess current demand, or supply, then we say that the market for this good is in equilibrium.2 When the markets for all goods in the economy are in equilibrium, the economy is in full equilibrium. It is generally accepted that, in this sense, the implications of price theory reveal forces making for full equilibrium. This paper will endeavor to show that the introduction of the concept of price stabilization, as a consequence either of speculative trading or of government activity, does not change these implications. However, starting from a disequilibrium situation, the forces which bring about full equilibrium no longer involve only price changes but also changes in the aggregate income of the economy. And, though this implication is common for all cases of price stabilization, the form of readjustment differs in important particulars according as we posit fixed or flexible money wage rates and according as we concern ourselves with one or more price-stabilized goods. The results of an analysis of these combined possibilities can be shown to encompass the standard theories of income, employment, and money. That is to say, by simply adding a single new concept to those already employed in price theorythat of price stabilization 3-we are in a position to make the necessary extensions toward a theory which comprehends both price theory and macroeconomic theory in its main varieties.4