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The (confused) state of equilibrium analysis in modern economics: an explanation

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  • TONY LAWSON

Abstract

Modern economics produces many interpretations of the category of equilibrium as well as competing views of its relevance or worth for economic theorizing. In particular, interpretations and valuations often differ systematically between mainstream and heterodox contributions. I argue that these differences are best explained through understanding the competing ontological presuppositions of the mainstream and heterodox traditions. If correct, this explanation reinforces the assessment advanced elsewhere (Lawson, 2003) that mainstream and heterodox traditions are best distinguished not according to substantive claims or policy stances but rather precisely in terms of their ontological commitments.

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  • Tony Lawson, 2005. "The (confused) state of equilibrium analysis in modern economics: an explanation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(3), pages 423-444.
    • Handle: RePEc:mes:postke:v:27:y:2005:i:3:p:423-444
    DOI: 10.1080/01603477.2005.11051442
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    Cited by:

    1. Jo, Tae-Hee, 2016. "The Social Provisioning Process and Heterodox Economics," MPRA Paper 72384, University Library of Munich, Germany.
    2. Donald Gillies, 2012. "Economics and Research Assessment Systems," Economic Thought, World Economics Association, vol. 1(1), pages 1-2, July.
    3. Tony Lawson, 2014. "Modelación matemática e ideología en la economía académica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 16(30), pages 25-51, January-J.
    4. M. G. Hayes, 2013. "The State of Short-term Expectation," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 205-224, April.
    5. Anthony Endres, 2013. "Is the economics of time and ignorance a “classic”?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 17-25, March.
    6. Phil Faulkner & Stephen Pratten & Jochen Runde, 2017. "Cambridge Social Ontology: Clarification, Development and Deployment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(5), pages 1265-1277.
    7. Manya Mooya, 2011. "Of Mice and Men: Automated Valuation Models and the Valuation Profession," Urban Studies, Urban Studies Journal Limited, vol. 48(11), pages 2265-2281, August.
    8. Piero Ferri & Anna Maria Variato, 2007. "Macro Dynamics in a Model with Uncertainty," Working Papers (-2012) 0704, University of Bergamo, Department of Economics.
    9. Filippo Gusella & Anna Maria Variato, 2021. "Financial Instability and Income Inequality: why the connection Minsky-Piketty matters for Macroeconomics," Working Papers - Economics wp2021_15.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.

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