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The traverse, equilibrium analysis and post-Keynesian economics

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  • Joseph Halevi

    (The University of Sydney)

  • Neil Hart

    (The University of Western Sydney)

  • Peter Kriesler

    ()
    (The University of New South Wales)

Abstract

The Traverse refers to the movement of the economy outside equilibrium. It requires a consideration of how an economy may achieve equilibrium, and how it may navigate towards a new one if conditions change. Analysis of these themes, from the classical economists onwards, leads to the conclusion that it is difficult to envisage any useful role for equilibrium theory in the absence of some evidence that there are forces in the economy which propel it to equilibrium, without influencing the position to which the economy is gravitating towards. Complicating factors, emphasised in the post-Keynesian literature, include the existence of path-dependency, hysteresis, cumulative causation and the evolutionary nature of economic change.

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File URL: http://research.economics.unsw.edu.au/RePEc/papers/2012-32.pdf
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Bibliographic Info

Paper provided by School of Economics, The University of New South Wales in its series Discussion Papers with number 2012-32.

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Length: 31 pages
Date of creation: May 2012
Date of revision:
Handle: RePEc:swe:wpaper:2012-32

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Keywords: history of economic thought; post-Keynesian; equilibrium and disequilibrium; path-dependency; hysteresis; cumulative causation and the evolutionary;

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  1. Kaldor, Nicholas, 1975. "What Is Wrong with Economic Theory," The Quarterly Journal of Economics, MIT Press, vol. 89(3), pages 347-57, August.
  2. Peter Kriesler & J. W. Nevile, 2012. "Dynamic Keynesian economics: cycling forward with Harrod and Kalecki," Cambridge Journal of Economics, Oxford University Press, vol. 36(2), pages 405-417.
  3. Kaldor, Nicholas, 1970. "The Case for Regional Policies," Scottish Journal of Political Economy, Scottish Economic Society, vol. 17(3), pages 337-48, November.
  4. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
  5. Franco Modigliani, 1959. "New Developments on the Oligopoly Front: Reply," Journal of Political Economy, University of Chicago Press, vol. 67, pages 418.
  6. Rod Cross & Michael Grinfeld & Laura Piscitelli, 1999. "Hysteresis in Economic Systems," Computing in Economics and Finance 1999 723, Society for Computational Economics.
  7. Kennedy, Charles & Thirlwall, A P, 1972. "Technical Progress: A Survey," Economic Journal, Royal Economic Society, vol. 82(325), pages 11-72, March.
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