Economic Dynamics as a Succession of Equilibria: The Path Travelled by Morishima
AbstractIn the paper I bring to the attention of the economists and historians of economic thought the idea of economic dynamics that one can found in the first book by Morishima published in 1950 but totally overlooked. It has a great interest not only because there it appears for the first time the application of new mathematical concepts ("structural stability") but also because he pursues a way of dynamizing general equilibrium theory that has been neglected in the postwar developments that appears to have been inspired by Samuelson. The paper has three parts. In the first and second parts I outline the development of economic dynamics and its applications to general equilibrium elaborated by Morishima; in the third part a comparison between the prevailing idea of economic dynamics as originally put forward by Samuelson and that elaborated by Morishima is developed and discussed.
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Bibliographic InfoPaper provided by Department of Economic Policy, Finance and Development (DEPFID), University of Siena in its series Department of Economic Policy, Finance and Development (DEPFID) University of Siena with number 1209.
Date of creation: Dec 2009
Date of revision:
dynamic general equilibrium; comparative statics and dynamics; dynamic and structural stability.;
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-04-17 (All new papers)
- NEP-HIS-2010-04-17 (Business, Economic & Financial History)
- NEP-HPE-2010-04-17 (History & Philosophy of Economics)
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- Pedro de Mendonça, 2013. "Nonlinear Phenomena in a Growing Economy with Convex Adjustment Costs," EERI Research Paper Series EERI RP 2013/05, Economics and Econometrics Research Institute (EERI), Brussels.
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