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The Relevance of the Marshallian Concept of Normality in Interior and in Inertial Dynamics as Revisited by G. SHACKLE and J. KORNAI

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  • Mehrdad Vahabi

    ()
    (ERASME - Equipe de recherche et d'analyse des sociétés Maghreb-Europe - Université Paris VIII - Vincennes Saint-Denis : EA3389)

Abstract

This study endeavours to explicate the relevance of the Marshallian concept of normal in the evolution of supply curves and the price mechanism in time. This concept is based on the contradictory or at least ambiguous combination of an ex ante perspective of expectation formation and an ex post inertial dynamics. We first explore the ex ante side of the contradiction by drawing upon the writings of G. Shackle. Subsequently, we examine J. Kornai's conception of the normal state as system-specific. We identify the relationship between normality and the co-ordination mechanism in Kornai's ex post approach which may be regarded as an alternative to Shackle's solution. Finally, the pertinence of the Marshallian concept of normal will be demonstrated as will its divergent developments by Shackle and Kornai. This leads us to the conclusion that a further development of the concept is required in order to reconcile both ex ante and ex post approaches which might be based on recent evolutionary analysis.

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File URL: http://hal.archives-ouvertes.fr/docs/00/62/91/81/PDF/CAMB1.pdf
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Bibliographic Info

Paper provided by HAL in its series Post-Print with number hal-00629181.

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Date of creation: 1998
Date of revision:
Publication status: Published, Cambridge Journal of Economics, 1998, 22, 5, 547-573
Handle: RePEc:hal:journl:hal-00629181

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00629181
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Related research

Keywords: Marshallian concept of normality; inertial dynamics; Shackle's interior dynamics; Kornai's normal state;

References

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  1. William A. Darity & Arthur H. Goldsmith, 1996. "Social Psychology, Unemployment and Macroeconomics," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 121-140, Winter.
  2. Richard N. Langlois, 1995. "Capabilities and the Theory of the Firm," Industrial Organization 9503002, EconWPA.
  3. William Darity, Jr. & Arthur H. Goldsmith, 1993. "Unemployment, Social Psychology, and Unemployment Hysteresis," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(1), pages 55-71, October.
  4. Kornai, Janos & Weibull, Jorgen W, 1978. " The Normal State of the Market in a Shortage Economy: A Queue Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 80(4), pages 375-98.
  5. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
  6. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
  7. Thomas J. Cunningham, 1994. "Review essay on Structural Slumps: the Modern Equilibrium Theory of Unemployment, Interest, and Assets by Edmund S. Phelps, 1994," Economic Review, Federal Reserve Bank of Atlanta, issue Nov, pages 30-33.
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Cited by:
  1. Vahabi, Mehrdad, 2008. "From Walrasian general equilibrium to incomplete contracts : making sense of institutions," MPRA Paper 37887, University Library of Munich, Germany, revised 2002.
  2. Mehrdad VAHABI, 2001. "The Soft Budget Constraint : A Theoretical Clarification," Discussion Papers (REL - Recherches Economiques de Louvain) 2001024, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

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