On the Transition from Long-period to Short-period Equilibria
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.
Volume (Year): 15 (2003)
Issue (Month): 1 ()
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- Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866, December.
- 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.
- Kurz,Heinz D. & Salvadori,Neri, 1995.
"Theory of Production,"
Cambridge University Press, number 9780521443258, December.
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