The traverse, equilibrium analysis and post-Keynesian economics
AbstractThe 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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Bibliographic InfoPaper provided by School of Economics, The University of New South Wales in its series Discussion Papers with number 2012-32.
Length: 31 pages
Date of creation: May 2012
Date of revision:
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More information through EDIRC
history of economic thought; post-Keynesian; equilibrium and disequilibrium; path-dependency; hysteresis; cumulative causation and the evolutionary;
Find related papers by JEL classification:
- B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-16 (All new papers)
- NEP-HME-2013-06-16 (Heterodox Microeconomics)
- NEP-HPE-2013-06-16 (History & Philosophy of Economics)
- NEP-PKE-2013-06-16 (Post Keynesian Economics)
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