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Kornai and Anti-Equilibrium

Author

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  • Steve Keen

    (School of Social and Behavioural Sciences, Kingston University London)

Abstract

János Kornai’s Anti-Equilibrium was ahead of its time when it was written, and even today, when system dynamics software is extensively used in engineering and other disciplines, it remains ahead of its time in economics, which is still hampered by the dominant equilibrium-dominated modeling approach and the subjective beliefs that the truly sterile state of equilibrium is preferable to the real dynamic instability of actual capitalism. I show that the dead-end in which economic theory finds itself today is easily escaped if we adopt the system dynamics approach Kornai recommended in 1971, and derive macroeconomics directly from the structure of the macroeconomy.

Suggested Citation

  • Steve Keen, 2018. "Kornai and Anti-Equilibrium," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(supplemen), pages 53-72, January.
    • Handle: RePEc:aka:aoecon:v:68:y:2018:i:supplement1:p:53-72
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    File URL: http://www.akademiai.com/doi/pdf/10.1556/032.2018.68.S.5
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    More about this item

    Keywords

    economic dynamics; system dynamics; complexity economics; complex systems; economic methodology; history of economic thought; economic simulation;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C69 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Other
    • C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software

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