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On the Transition from Long-period to Short-period Equilibria


  • Christian Gehrke


The paper examines the contributions of Myrdal, Lindahl, Hicks and Hayek that initiated the transition from the traditional long-period method to the methods of 'intertemporal' and 'temporary equilibria' in neoclassical general equilibrium analyses. It is shown that in the early contributions the idea of a tendency towards a long-period position was not completely abandoned, and that the new 'dynamic' equilibrium concepts were conceived by some of their originators as useful analytical devices for studying transitions between long-period equilibria only.

Suggested Citation

  • Christian Gehrke, 2003. "On the Transition from Long-period to Short-period Equilibria," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 85-106.
  • Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:85-106
    DOI: 10.1080/09538250308439

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    References listed on IDEAS

    1. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, April.
    2. Milgate, Murray, 1979. "On the Origin of the Notion of "Intertemporal Equilibrium"," Economica, London School of Economics and Political Science, vol. 46(181), pages 1-10, February.
    3. Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
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    Cited by:

    1. Sergio Cesaratto, 2017. "Bofinger and Ries versus Borio and Disyatat: macroeconomics after endogenous money. A brief note," Department of Economics University of Siena 763, Department of Economics, University of Siena.
    2. Fratini, Saverio M., 2018. "On the Second Stage of the Cambridge Capital Controversy," Centro Sraffa Working Papers CSWP30, Centro di Ricerche e Documentazione "Piero Sraffa".

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