Joan Robinson and MIT
The great question which has always haunted the type of analysis offered by the MIT economists in answer to Robinson's provocative critique (1953) has always been her own question: how to get into equilibrium? If the notion of "vision at a distance", inherent in dynamic equilibrium analysis (Dorfman, Samuelson, and Solow, 1958) means co-ordination of long-term expectations, recent work shows theory, that "getting into equilibrium" is an impossibility. This vindicates Robinson's position in the capital controversy, at least with respect to the MIT economists.
|Date of creation:||09 Oct 2015|
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- F. H. Hahn, 1966. "Equilibrium Dynamics with Heterogeneous Capital Goods," The Quarterly Journal of Economics, Oxford University Press, vol. 80(4), pages 633-646.
- Backhouse,Roger E. & Boianovsky,Mauro, 2014.
"Transforming Modern Macroeconomics,"
Cambridge University Press, number 9781107435384, December.
- Joan Robinson & K. A. Naqvi, 1967. "The Badly Behaved Production Function," The Quarterly Journal of Economics, Oxford University Press, vol. 81(4), pages 579-591.
- Harcourt, G C, 1969.
"Some Cambridge Controversies in the Theory of Capital,"
Journal of Economic Literature,
American Economic Association, vol. 7(2), pages 369-405, June.
- Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, December.
- Gram, Harvey N, 1976. "Two-Sector Models in the Theory of Capital and Growth," American Economic Review, American Economic Association, vol. 66(5), pages 891-903, December.
- Geoff C. Harcourt, 2014.
"On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution,"
2014-37, School of Economics, The University of New South Wales.
- G. C. Harcourt, 2015. "On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(2), pages 243-255, June.
- Robert M. Solow, 1955. "The Production function and the Theory of Capital," Review of Economic Studies, Oxford University Press, vol. 23(2), pages 101-108.
- Joan Robinson, 1953. "The Production Function and the Theory of Capital," Review of Economic Studies, Oxford University Press, vol. 21(2), pages 81-106.
- Harris, Donald J, 1973. "Capital, Distribution, and the Aggregate Production Function," American Economic Review, American Economic Association, vol. 63(1), pages 100-113, March.
- Paul A. Samuelson, 1975. "Steady-State and Transient Relations: A Reply on Reswitching," The Quarterly Journal of Economics, Oxford University Press, vol. 89(1), pages 40-47.
- John C. H. Fei, 1965. "Per Capita Consumption and Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 79(1), pages 52-72.
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