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The (confused) state of equilibrium analysis in modern economics: an explanation

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  • TONY LAWSON

Abstract

Modern economics produces many interpretations of the category of equilibrium as well as competing views of its relevance or worth for economic theorizing. In particular, interpretations and valuations often differ systematically between mainstream and heterodox contributions. I argue that these differences are best explained through understanding the competing ontological presuppositions of the mainstream and heterodox traditions. If correct, this explanation reinforces the assessment advanced elsewhere (Lawson, 2003) that mainstream and heterodox traditions are best distinguished not according to substantive claims or policy stances but rather precisely in terms of their ontological commitments.

Suggested Citation

  • Tony Lawson, 2005. "The (confused) state of equilibrium analysis in modern economics: an explanation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(3), pages 423-444.
  • Handle: RePEc:mes:postke:v:27:y:2005:i:3:p:423-444 DOI: 10.1080/01603477.2005.11051442
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    References listed on IDEAS

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    1. Ayhan Kose & Kenneth Rogoff & Eswar S Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
    2. repec:mes:challe:v:33:y:1990:i:4:p:57-59 is not listed on IDEAS
    3. Gale, William G. & Orszag, Peter R., 2003. "Economic Effects of Sustained Budget Deficits," National Tax Journal, National Tax Association, pages 463-485.
    4. Grunberg, Isabelle, 1998. "Double jeopardy: Globalization, liberalization and the fiscal squeeze," World Development, Elsevier, vol. 26(4), pages 591-605, April.
    5. Fernando J. Cardim de Carvalho, 1992. "Mr Keynes And The Post Keynesians," Books, Edward Elgar Publishing, number 79, September.
    6. Luiz Bresser Pereira & Fernando Dall’Acqua, 1991. "Economic Populism Versus Keynes: Reinterpreting Budget Deficit in Latin America," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 14(1), pages 29-38, September.
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    Cited by:

    1. Engelbert Stockhammer & Dimitris P. Sotiropoulos, 2014. "Rebalancing the Euro Area: The Costs of Internal Devaluation," Review of Political Economy, Taylor & Francis Journals, pages 210-233.
    2. M. G. Hayes, 2013. "The State of Short-term Expectation," Review of Political Economy, Taylor & Francis Journals, pages 205-224.
    3. Anthony Endres, 2013. "Is the economics of time and ignorance a “classic”?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 17-25, March.
    4. repec:oup:cambje:v:41:y:2017:i:5:p:1265-1277. is not listed on IDEAS
    5. Piero Ferri & Anna Maria Variato, 2007. "Macro Dynamics in a Model with Uncertainty," Working Papers (-2012) 0704, University of Bergamo, Department of Economics.
    6. Jo, Tae-Hee, 2016. "The Social Provisioning Process and Heterodox Economics," MPRA Paper 72384, University Library of Munich, Germany.
    7. Donald Gillies, 2012. "Economics and Research Assessment Systems," Economic Thought, World Economics Association, pages 1-2.
    8. Tony Lawson, 2014. "Modelación matemática e ideología en la economía académica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 16(30), pages 25-51, January-J.

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