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On Long-run Equilibrium in Class Society

In: Joan Robinson and Modern Economic Theory

Author

Listed:
  • Edward Nell

Abstract

The notion of equilibrium and the distinction between two kinds, long run and short, has been fundamental to almost all economic analysis of the past century. By contrast, the classics and Marx sought for the ‘laws of motion’ of capitalism. These latter do not define a long-run equilibrium, and it will be the claim here that a full-fledged, long-run equilibrium is not possible in a class society. This is not exactly Joan Robinson’s position, but it is close, and it builds on some of her favorite themes.

Suggested Citation

  • Edward Nell, 1989. "On Long-run Equilibrium in Class Society," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Joan Robinson and Modern Economic Theory, chapter 11, pages 323-343, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-08633-7_11
    DOI: 10.1007/978-1-349-08633-7_11
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