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Determinate Solutions and Valuational Processes: Overcoming the Foreclosure of Process

In: Essays on the Methodology and Discourse of Economics

Author

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  • Warren J. Samuels

    (Michigan State University)

Abstract

Multiple equilibria are not necessarily useless but, from the standpoint of any exact science, the existence of ‘uniquely determined equilibrium (set of values)’ is, of course, of the utmost importance, even if proof has to be purchased at the price of very restrictive assumptions; without any possibility of proving the existence of uniquely determined equilibrium — or at all events, of a small number of possible equilibria — at however high a level of abstraction, a field of phenomena is really a chaos that is not under analytic control. (Schumpeter, 1954, p. 969)

Suggested Citation

  • Warren J. Samuels, 1992. "Determinate Solutions and Valuational Processes: Overcoming the Foreclosure of Process," Palgrave Macmillan Books, in: Essays on the Methodology and Discourse of Economics, chapter 6, pages 92-107, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12371-1_7
    DOI: 10.1007/978-1-349-12371-1_7
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    Cited by:

    1. A.Allan Schmid, 2004. "The Spartan School Of Institutional Economics At Michigan State University," Research in the History of Economic Thought and Methodology, in: Wisconsin "Government and Business" and the History of Heterodox Economic Thought, pages 207-243, Emerald Group Publishing Limited.
    2. Trapp, James N., 1989. "The Dawning Of The Age Of Dynamic Theory: Its Implications For Agricultural Economics Research And Teaching," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(1), pages 1-11, July.
    3. Paul Lewis, 2005. "Boettke, The Austrian School and the Reclamation of Reality in Modern Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(1), pages 83-108, January.
    4. Kirsten, Johann F., 2004. "Expanding the Frontiers of Agricultural Economics to Meet the Future Challenges of Agricultural Development," 2004 Inaugural Symposium, December 6-8, 2004, Nairobi, Kenya 9519, African Association of Agricultural Economists (AAAE).

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