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The temporary equilibrium method: Hicks against Hicks

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  • Michel De Vroey

Abstract

Hicks is renowned for having introduced the temporary equilibrium framework in his book Value and Capital. Subsequently, however, he partially recanted this framework by rejecting the market clearing idea while still keeping the week device. The aim of this paper is to assess whether this change was right. My answer will be broadly negative. To make my point, I will ponder on the meaning and implications of the week device, assess the validity of Hicks' claim that slow adjustment can cause market rationing, examine his claim that the possibility of market clearing depends on the prevailing market form and, finally, assess his twofold filiations towards Marshall and Walras.

Suggested Citation

  • Michel De Vroey, 2006. "The temporary equilibrium method: Hicks against Hicks," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 259-278.
  • Handle: RePEc:taf:eujhet:v:13:y:2006:i:2:p:259-278 DOI: 10.1080/09672560600708318
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    References listed on IDEAS

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    1. De Vroey, Michel, 2001. "Price Rigidity and Market-Clearing: A Conceptual Clarification," Cambridge Journal of Economics, Oxford University Press, vol. 25(5), pages 639-655, September.
    2. Michel De Vroey, 2000. "Marshall on equilibrium and time: a reconstruction," The European Journal of the History of Economic Thought, Taylor & Francis Journals, pages 245-269.
    3. Hicks, John, 2017. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198796237.
    4. De Vroey, Michel, 1999. "The Marshallian Market and the Walrasian Economy. Two Incompatible Bedfellows," Scottish Journal of Political Economy, Scottish Economic Society, vol. 46(3), pages 319-338, August.
    5. Hicks, John, 1977. "Economic Perspectives: Further Essays on Money and Growth," OUP Catalogue, Oxford University Press, number 9780198284079.
    6. Michel De Vroey, 2003. "Perfect information a la Walras versus perfect information a la Marshall," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(4), pages 465-492.
    7. Hahn, Frank, 1990. "John Hicks the Theorist," Economic Journal, Royal Economic Society, vol. 100(401), pages 539-549, June.
    8. Leijonhufvud, Axel, 1984. "Hicks on Time and Money," Oxford Economic Papers, Oxford University Press, vol. 36(0), pages 26-46, Supplemen.
    9. Leijonhufvud, Axel, 1984. "Hicks on time and money," Discussion Papers, Series I 182, University of Konstanz, Department of Economics.
    10. Grandmont, Jean-Michel, 1993. "Temporary general equilibrium theory," Handbook of Mathematical Economics,in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 19, pages 879-922 Elsevier.
    11. Donald A. Walker (ed.), 2000. "Equilibrium," Books, Edward Elgar Publishing, volume 0, number 1585, April.
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    Citations

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    Cited by:

    1. Alain Béraud, 2014. "Le développement de la théorie de l'équilibre général. Les apports d'Allais et de Hicks," Revue économique, Presses de Sciences-Po, pages 125-158.
    2. Farmer, Roger E A, 2017. "Post Keynesian Dynamic Stochastic General Equilibrium Theory," CEPR Discussion Papers 11807, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    Hicks; temporary equilibrium;

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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