History versus equilibrium? on the possibility and realist basis of a general critique of traditional equilibrium analysis
AbstractThis paper responds to Backhouse's (2004) claims that there is no antagonism between history and equilibrium and no case to be made in principle against equilibrium analysis. We first show that Backhouse's partial defense of equilibrium analysis has already been encompassed by heterodox theory. We then identify a "traditional equilibrium approach" to economic analysis and provide a general critique of this approach based on its perceived infidelity to the properties of social reality. Finally, we argue that this exercise exemplifies Lawson's (2005a) thesis that heterodox skepticism of equilibrium analysis is motivated by ontic concernsâthat is, concerns with the intrinsic properties of the social material that is being theorized by economists.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 29 (2007)
Issue (Month): 2 (January)
Contact details of provider:
Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
equilibrium; historical time; homeostasis; path dependence; time reversibility;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Mark Hayes, 2011.
"The State of Short-Term Expectation,"
PKWP1107, Post Keynesian Economics Study Group (PKSG).
- Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut fÃ¼r Volkswirtschaftslehre der UniversitÃ¤t Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen).
If references are entirely missing, you can add them using this form.