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Statics, Dynamics, and the History of Economic Thought

In: Roy Harrod

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  • Esteban Pérez Caldentey

Abstract

Roy Harrod thought that his work contributed to affecting a second revolution in economic theory consisting in the substitution of a dynamic theoretical system in place of a static one. He believed that economics could and should be separated into two branches statics and dynamics and that this dichotomy should be the analogue to one existing in classical mechanics. For Harrod, statics and dynamics were a part and parcel of classical economics. With the advent of the Marginalist Revolution in the late nineteenth century, dynamics was excluded from the corpus of economic theory. From then onward, economic theory dedicated its efforts to complete and perfect the static method. The dominance of statics over dynamics also permeated the intertemporal equilibrium approach to economics epitomized in the works of Hayek and Hicks. The Keynesian Revolution did not represent a break with the previous theories. It rather completed and perfected the principles of economic statics and in particular the macro-statics theoretical edifice.

Suggested Citation

  • Esteban Pérez Caldentey, 2019. "Statics, Dynamics, and the History of Economic Thought," Great Thinkers in Economics, in: Roy Harrod, chapter 0, pages 215-257, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-349-74085-7_5
    DOI: 10.1057/978-1-349-74085-7_5
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