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Equilibrium and Stability in Classical Theory

In: Nicholas Kaldor and Mainstream Economics

Author

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  • D. J. Harris

Abstract

Kaldor begins his paper of 1972 with a resounding blast against what he calls ‘equilibrium economies’. The opening paragraph is worth quoting in full for its candid irreverence: The purpose of my lecture today is to explain why, in my view, the prevailing theory of value — what I called, in a shorthand way, ‘equilibrium economics’ — is barren and irrelevant as an apparatus of thought to deal with the manner of operation of economic forces, or as an instrument for non-trivial predictions concerning the effects of economic changes, whether induced by political action or by other causes. I should go further and say that the powerful attraction of the habits of thought engendered by ‘equilibrium economics’ has become a major obstacle to the development of economics as a science — meaning by the term “science” a body of theorems based on assumptions that are empirically derived (from observations) and which embody hypotheses that are capable of verification both in regard to the assumptions and the predictions. (Kaldor, 1972, p. 1237)

Suggested Citation

  • D. J. Harris, 1991. "Equilibrium and Stability in Classical Theory," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 5, pages 88-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_5
    DOI: 10.1007/978-1-349-10947-0_5
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    Cited by:

    1. Mark Knell & Simone Vannuccini, 2022. "Tools and concepts for understanding disruptive technological change after Schumpeter," Jena Economics Research Papers 2022-005, Friedrich-Schiller-University Jena.

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