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The Crisis of Economic Theory and a New Approach to the Crisis of Regulation in Canada

Author

Listed:
  • Errouaki, A.
  • Loranger, J.G.

Abstract

This Paper Is Divided Into Two Parts. in the First Part, We Demonstrate That the General Equilibrium Theory Explains the Crisis As Deviations From Equilibrium. the Two Main Causes of These Deviations Are Uncertainty and Erratic State Intervention. the Return to Equilibrium Is Guaranteed by Effcient Markets and the Theoretical Solution for Efficiency Is the Rational Expectation Hypothesis. Self-Regulation (Or Neo-Liberalism) Is the "New" Fashion in Economic Theory. Such an Approach Is an Implicit Admission That This Type of Economic Theory Has Very Little to Say Except to Reassert Absolute Faith in Market Efficiency. in the Second Part, We Offer a Post-Marxian Explanation of the Present Economic Crisis by Focussing Particularly on the Problem of Capital Accumulation From Its Real and Financial Forms. From the Empirical Evidence That It Was Possible to Gather At the Annual Level for the Whole of the Canadian Economy over the Last Twenty Years, It Seems That Inflation Is Well Explained by Specifying a Model Which Stresses the Links Between Real and Financial Capital, That Is an (Econometric) Approach to the Famous Transformation Problem Too Quickly Dismissed by Marx and His Followers But Which Remains a Constant Preoccupation for Non Marxist Economists Such As J. Tobin and H.P. Minsky.

Suggested Citation

  • Errouaki, A. & Loranger, J.G., 1984. "The Crisis of Economic Theory and a New Approach to the Crisis of Regulation in Canada," Cahiers de recherche 8426, Universite de Montreal, Departement de sciences economiques.
    • Handle: RePEc:mtl:montde:8426
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