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History and equilibrium: A partial defense of equilibrium economics

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  • Roger Backhouse

Abstract

This paper responds to the argument, made by many heterodox economists, that equilibrium theory should be abandoned in favor of theories that pay more attention to history. It considers some of the main ways in which the concept of equilibrium has been understood in economics, and the reasons why there has been confusion in discussions of equilibrium. The conclusion is drawn that the focus should be less on equilibrium as a concept than on equilibrium analysis as a method, and limited defense of this method is offered.

Suggested Citation

  • Roger Backhouse, 2004. "History and equilibrium: A partial defense of equilibrium economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 11(3), pages 291-305.
    • Handle: RePEc:taf:jecmet:v:11:y:2004:i:3:p:291-305
    DOI: 10.1080/1350178042000252974
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    Cited by:

    1. Ron Martin, 2010. "Roepke Lecture in Economic Geography—Rethinking Regional Path Dependence: Beyond Lock-in to Evolution," Economic Geography, Taylor & Francis Journals, vol. 86(1), pages 1-27, January.
    2. Olivier Allain, 2006. "La modération salariale : le point de vue des (néo-)kaleckiens," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196500, HAL.
    3. M. G. Hayes, 2013. "The State of Short-term Expectation," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 205-224, April.
    4. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Society (PKES), number nggt.
    5. Olivier Allain, 2006. "La modération salariale : le point de vue des (néo-)kaleckiens," Post-Print halshs-00196500, HAL.

    More about this item

    Keywords

    equilibrium; history; method; partial;
    All these keywords.

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