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Kaldor and Kornai on Economics without Equilibrium – Two Life Courses

Author

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  • Peter Mihalyi

    (Department of Macroeconomics, Corvinus University of Budapest, Hungary)

Abstract

Nicholas Kaldor and János Kornai are known in the academic literature as the most principled and unyielding opponents of the neoclassical, mainstream economics in general, and the Arrow-Debreu General Equilibrium Theory (GET) in particular since the beginning of the 1970s. Nevertheless, they remained in the minority camp with their views until today. The mainstream of the economic profession still holds that only the neoclassical paradigm offers a comprehensive, systematic, consistent and, above all, mathematical (hence “scientific”) description of how modern economies operate. This paper aims at investigating why these two prolific writers, who were friends and spoke the same mother tongue, did not find a common ground and did not even try to build a school of followers jointly.

Suggested Citation

  • Peter Mihalyi, 2017. "Kaldor and Kornai on Economics without Equilibrium – Two Life Courses," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 67(supplemen), pages 47-66, August.
    • Handle: RePEc:aka:aoecon:v:67:y:2017:i:supplement1:p:47-66
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    File URL: http://www.akademiai.com/doi/pdf/10.1556/032.2017.67.S.5
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    Cited by:

    1. Peter Mihalyi, 2017. "Learning, as a wonder weapon of endogenous growth?," CERS-IE WORKING PAPERS 1727, Institute of Economics, Centre for Economic and Regional Studies.

    More about this item

    Keywords

    equilibrium; increasing returns; demand constraint; perfect competition;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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