Marx and Non-equilibrium Economics
In: Capital & class, Band 23, Heft 1, S. 188-191
ISSN: 2041-0980
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In: Capital & class, Band 23, Heft 1, S. 188-191
ISSN: 2041-0980
In: Capital & class: CC, Heft 67, S. 188-191
ISSN: 0309-8168
In: Science & society: a journal of Marxist thought and analysis, Band 62, Heft 2, S. 319-321
ISSN: 0036-8237
In: Review of social economy: the journal for the Association for Social Economics, Band 69, Heft 4, S. 528-531
ISSN: 1470-1162
In: Advanced Textbooks in Economics v.32
'General-equilibrium' refers to an analytical approach which looks at the economy as a complete system of inter-dependent components (industries, households, investors, governments, importers and exporters). 'Applied' means that the primary interest is in systems that can be used to provide quantitative analysis of economic policy problems in particular countries. Reflecting the authors' belief in the models as vehicles for practical policy analysis, a considerable amount of material on data and solution techniques as well as on theoretical structures has been included. The sequence of chapters follows what is seen as the historical development of the subject.The book is directed at graduate students and professional economists who may have an interest in constructing or applying general equilibrium models. The exercises and readings in the book provide a comprehensive introduction to applied general equilibrium modeling. To enable the reader to acquire hands-on experience with computer implementations of the models which are described in the book, a companion set of diskettes is available.
In: The American journal of economics and sociology, Band 69, Heft 4, S. 1155-1177
ISSN: 1536-7150
AbstractBuilt on the fictional concept of equilibrium, mainstream economics provides a method of analysis that, when paired with the calculus, enables relatively easy identification of maximum and minimum values. Lacking empirical evidence of its behavioral assumptions, the profession accepts such familiar claims as consumer maximization of utility and business firm maximization of profit or revenue. In place of the relatively static concept of equilibrium, the Veblen‐Myrdal notion of circular and cumulative causation (CCC) arguably has greater descriptive capability and more penetrating insight for policy recommendations. This article traces the historical origins of both concepts and argues that CCC offers considerable potential for a broad, dynamic, interdisciplinary, more thorough, and more accurate analytical framework. Specific examples of work that has been done along with suggestions for future applications of this concept are given.
In: Historical materialism: research in critical marxist theory, Band 2, Heft 1, S. 240-244
ISSN: 1569-206X
In: Routledge advances in heterodox economics
In: Routledge Advances in Heterodox Economics Ser.
This thought-provoking volume seeks to answer some of the ultimate economic questions in terms of a theory that emerged with Adam Smith and is now come to full fruition; the principle of circular and cumulative causation (CCC) This full-fledged theoretical framework explains the whole interplay of technology, firms, resources, culture, institutions and economic policy to understand the basic drives behind modern day economic dynamics
In: Routledge frontiers of political economy
This book, which include articles from Tony Lawson, Ivor Grattan-Guinness and Roger Backhouse, highlights current notions of equilibrium in economics and provides a guide to understanding the links between economic theory and economic reality
In: Nonconvex optimization and its applications 63
Alfred Marshall and Modern Economics re-examines Marshall's legacy and relevance to modern economic analysis with the more settled conventional wisdom concerning evolutionary processes allowing advances in economic theorising which were not possible in Marshall's life time.
Standard equilibrium economic models focus on interdependencies. This text develops a theory which is based on disequilibria. The model proposed is a heuristic tool that makes it possible to explore these disequilibria in relation to Western economies
Although general equilibrium theory originated in the late nineteenth century, modern elaboration and development of the theory began only in the 1930s and 1940s. This book focuses on the version of the theory developed in the second half of the twentieth century, referred to by Lionel McKenzie as the classical general equilibrium theory. McKenzie offers detailed and rigorous treatment of the classical model, giving step-by-step proofs of the basic theorems. In many cases he elaborates on the individual steps to give a fuller understanding of the underlying principles. His goal is to provide readers with a true mastery of the methodology so that they can derive new results that will further enrich their thinking about general equilibrium theory. Special attention is given to the McKenzie model, in which it is not assumed that the number of firms is given but rather that technologies or activities are available to any agents who can supply the resources they require. The McKenzie model is used to establish the turnpike theorems of optimal and competitive capital accumulation.
In: New directions in modern economics
This book argues that the shift in general equilibrium theory, from its early long-period to the modern very-short-period versions, has had very important consequences which are insufficiently appreciated by large parts of the economics profession. This shift has produced new difficulties, and has undermined central tenets of neoclassical macroeconomic theory (such as the negative dependence of aggregate investment on the interest rate, or the existence of a downward-sloping demand curve for labour) which had their basis in the long-period versions where capital was treated as a single factor. According to the author, what makes it difficult to appreciate these consequences is the current imperfect grasp of the long-period method (an approach common to classical and to the first generations of neoclassical economists, but nowadays often confused with steady-growth analysis). The origins of this problem date back to the 1930s, and to this day still obscure the history and the logic of the neoclassical approach. The book explains the analytical differences between long-period, steady-growth, and short-period general equilibrium analyses, and proves that on this basis considerable clarification can be achieved, not only in many aspects of the history of economic theory, but also in fundamental issues in the theories of value, distribution, capital, investment, employment and money. For example, the reasons for the disagreements in the 'Cambridge controversies' over capital theory become very apparent. This stimulating critique on the present state of economic theory will appeal to academics and researchers with an interest in macroeconomics, the history of economic thought, and the theory of value and distribution. It will also enlighten and inform anyone wanting to understand the reasons behind the current dissatisfaction with neoclassical economics