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Hysteresis and path dependence in economic analysis: formalizations, causes and implications

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  • Amitava Krishna Dutt

Abstract

This paper argues that history, path dependence and hysteresis should have a much greater role in economic analysis than they do at present. To do so, it first reviews several meanings of hysteresis and path dependence using different abstract formulations and discusses applications of these approaches to economic analysis to examine the aspects of the economy to which they have been applied, and the causes and effects of these applications. It then suggests a taxonomy of the broad causes of path dependence. It concludes by summarizing the argument for giving these phenomena a much greater role in models and analyses, and makes some additional comments about these phenomena and their incorporation into economic analysis.

Suggested Citation

  • Amitava Krishna Dutt, 2023. "Hysteresis and path dependence in economic analysis: formalizations, causes and implications," Review of Keynesian Economics, Edward Elgar Publishing, vol. 11(4), pages 435-459, November.
    • Handle: RePEc:elg:rokejn:v:11:y:2023:i:4:p435-459
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    More about this item

    Keywords

    Path dependence; hysteresis; equilibrium; economic methodology; history and economics;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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