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Economic dynamics as a succession of equilibria: The path traveled by Morishima

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  • Di Matteo, Massimo

Abstract

In the paper I bring to the attention of the economists and historians of economic thought the idea of economic dynamics that can be found in the first book by Morishima published in 1950 but has been totally overlooked. It has a great interest not only because there it appears for the first time the application of new mathematical concepts (“structural stability”) but also because Morishima pursues a way of dynamizing general equilibrium theory that has been neglected in the postwar developments inspired by Samuelson's Foundations. The paper has three parts. In the first and second I outline the development of economic dynamics and its applications to general equilibrium elaborated by Morishima; in the third a comparison between the prevailing idea of economic dynamics as originally put forward by Samuelson and that elaborated by Morishima is advanced and discussed.

Suggested Citation

  • Di Matteo, Massimo, 2013. "Economic dynamics as a succession of equilibria: The path traveled by Morishima," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 123-129.
    • Handle: RePEc:eee:streco:v:24:y:2013:i:c:p:123-129
    DOI: 10.1016/j.strueco.2012.08.005
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    References listed on IDEAS

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    1. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
    2. Morishima,Michio, 1996. "Dynamic Economic Theory," Cambridge Books, Cambridge University Press, number 9780521563246.
    3. Morishima,Michio, 1992. "Capital and Credit," Cambridge Books, Cambridge University Press, number 9780521418409.
    4. K. Vela Velupillai, 2008. "JAPANESE CONTRIBUTIONS TO NONLINEAR CYCLE THEORY IN THE 1950s," The Japanese Economic Review, Japanese Economic Association, vol. 59(1), pages 54-74, March.
    5. Robert F. Hébert (ed.), 1993. "Perspectives On The History Of Economic Thought," Books, Edward Elgar Publishing, number 213.
    6. Wynne Godley, 1997. "Macroeconomics without Equilibrium or Disequilibrium," Economics Working Paper Archive wp_205, Levy Economics Institute.
    7. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-281, June.
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    More about this item

    Keywords

    Dynamic general equilibrium; Comparative statics; Dynamic stability; Structural stability;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies

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