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History versus Equilibrium: Nicholas Kaldor on Historical Time and Economic Theory

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  • Setterfield, Mark

Abstract

Nicholas Kaldor's biographers portray his intellectual development as a linear progression, away from conventional equilibrium methodology and towards an emphasis on history as the organizing concept for economic analysis. This paper contends, however, that the methodology advocated in Kaldor's later work is explicit in one of his earliest papers, 'A Classificatory Note on the Determinateness of Equilibrium,' published in 1934. Indeed, Kaldor's conception of the nature of path dependency in the 1930s is more sophisticated than that found in his later work. Emphasis is placed on the lessons for current research into path dependency that can be learned from the study of Kaldor's intellectual development. Copyright 1998 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 22 (1998)
Issue (Month): 5 (September)
Pages: 521-37

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Handle: RePEc:oup:cambje:v:22:y:1998:i:5:p:521-37

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Cited by:
  1. Alain Hersovici, 2005. "O modelo de instabilidade de Harrod: uma abordagem em termos de não linearidade," Working Papers 0020, Universidade Federal do Paraná, Department of Economics.
  2. Ricardo Chica & Oscar Guevara & Diana López & Daniel Osorio, 2012. "Growth Determinants in Latin America and East Asia: has globalization changed the engines of growth?," COYUNTURA ECONÓMICA, FEDESARROLLO.
  3. Zafirovski, Milan, 2002. "Reconsidering equilibrium: a socio-economic perspective," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(5), pages 559-579.
  4. Constantinos Alexiou & Joseph G. Nellis, 2013. "Challenging the Raison d’etre of Internal Devaluation in the Context of the Greek Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(6), pages 813-836, December.
  5. Lukáš Kovanda, 2010. "Critical Realism as an Ontological Basis of Post-Keynesianism," Politická ekonomie, University of Economics, Prague, vol. 2010(5), pages 608-622.
  6. Ron Martin, 2010. "Regional Economic Resilience, Hysteresis and Recessionary Shocks," Papers in Evolutionary Economic Geography (PEEG) 1018, Utrecht University, Section of Economic Geography, revised Dec 2010.
  7. Villemeur, Alain, 2010. "Economic growth : a chain-reaction between increases in supply and increases in demand ?," Economics Papers from University Paris Dauphine 123456789/6516, Paris Dauphine University.

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