IDEAS home Printed from https://ideas.repec.org/a/cup/jhisec/v32y2010i04p583-608_00.html
   My bibliography  Save this article

Closing The Model? The Harrod–Marschak Correspondence On The Draft Of The “Essay In Dynamic Theory”

Author

Listed:
  • SEMBER, FLORENCIA

Abstract

During August and September 1938, Harrod discussed a first draft of his “Essay in Dynamic Theory” with Keynes and Marschak. The aim of this paper is to discuss Harrod’s correspondence with Marschak in the light of the subsequent interpretations of the “Essay.” Firstly, we show how Marschak focused on some of the features of Harrod’s theory that would later give rise to widely different interpretations and some misunderstandings. Three issues in particular have been broadly debated in the literature: the concept of warranted rate of growth; instability; and non-linearity. Secondly, we show that a possible reason why Harrod neglected Marschak’s remarks lies in their respective methodological approaches. While Marschak tried to frame Harrod’s theory by means of a closed model, Harrod thought that the analysis of equilibrium and of the succession of states belonged to separate stages; this made building a complete model difficult at this stage, when he was presenting a “new tool of analysis.” In spite of their respective conflicting approaches, Marschak’s comments remain of great importance, and if Harrod had followed some of his advice, his theory would probably have improved in several respects, and certainly it would have been clearer and less ambiguous.

Suggested Citation

  • Sember, Florencia, 2010. "Closing The Model? The Harrod–Marschak Correspondence On The Draft Of The “Essay In Dynamic Theory”," Journal of the History of Economic Thought, Cambridge University Press, vol. 32(04), pages 583-608, December.
  • Handle: RePEc:cup:jhisec:v:32:y:2010:i:04:p:583-608_00
    as

    Download full text from publisher

    File URL: http://journals.cambridge.org/abstract_S1053837210000477
    File Function: link to article abstract page
    Download Restriction: no

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:jhisec:v:32:y:2010:i:04:p:583-608_00. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters). General contact details of provider: http://journals.cambridge.org/jid_HET .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.