Equilibrium and Economic Theory

Caravale, Giovanni

doi:10.4324/9780203023235

Cited by 4 publications

(1 citation statement)

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“…In the history of economic thought this idea is inseparably connected with the physical concept of equilibrium (see Caravale 1997). Therefore, it is all but accidental that one of the first economic thinkers who applied this idea to economic problems, Thomas Mun, also was among the first to formulate the idea that something like a boundary existed between the political and the economic spheres of society.…”

Section: Economic Thought and Capitalismmentioning

confidence: 95%

How can the History of Economic thought Contribute to an Understanding of Institutional Change?

Zweynert¹

2007

J Hist Econ Thought

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Since Moses Abramovitz's “classic” paper on “Catching-Up, Forging Ahead, and Falling Behind” (1986) economists have become increasingly aware again of the significance of “social capability” for processes of economic change. During the past twenty years much research has been done on “soft” determinants of development and growth. Especially some of the so-called new institutionalists and evolutionary economists have now returned to the roots of the institutional research program by acknowledging that “ideas matter” in the process of institutional change. However, it is still often overlooked in the literature that the cognition of social reality is deeply intertwined with the general world-view prevailing in a given society. Certainly, such general world-views are partly determined by the level of economic and technological development, but they are also a reflection of deeply rooted cultural traditions. In particular, the highly divergent outcomes of economic and political transition in the formerly socialist countries of Central and Eastern Europe have brought the connection between culture, ideas, and institutions to the fore again (see, for example, Winiecki 2004). Therefore it is all but an accident that it is one of the leading transition experts who has recently called on economists to “seek a better understanding of the role of values and norms in shaping both ideas and institutions” (Roland 2004, p. 128).

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Section: Economic Thought and Capitalismmentioning

confidence: 95%

How can the History of Economic thought Contribute to an Understanding of Institutional Change?

Zweynert¹

2007

J Hist Econ Thought

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On the Inconsistence between the Long-Period Method and the Assumption of Given Quantities

D'Orlando

Nisticò

2009

SSRN Journal

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According to Sraffian economists, both the aggregate and the general equilibrium versions of the neoclassical theory suffer from a logical inconsistence that prevents them from identifying a long-period position. The aim of this paper is to show that also Sraffa's approach, based on the assumption of given sectoral outputs, brings about an inconsistence between his theory and the long-period method. The main upshot of our argument is that sectoral outputs can legitimately be left to a separate stage of the theory only insofar as the long-period method is dropped and the classical-type theory is reconstructed within the temporary equilibrium method.

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The 'Sraffian' Critique of General Equilibrium Theory, and the Classical-Keynesian Alternative

Petri

2000

SSRN Journal

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Equilibrium and Economic Theory

Cited by 4 publications

References 0 publications

How can the History of Economic thought Contribute to an Understanding of Institutional Change?

How can the History of Economic thought Contribute to an Understanding of Institutional Change?

On the Inconsistence between the Long-Period Method and the Assumption of Given Quantities

The 'Sraffian' Critique of General Equilibrium Theory, and the Classical-Keynesian Alternative

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