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Touching from a distance: towards a common conception of equilibrium in Post Keynesian economics

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  • Mark Setterfield

    (Department of Economics, New School For Social Research, USA)

Abstract

This paper discusses Victoria Chick's concepts of provisional equilibrium and long run equilibrium of action. Attention is paid to the relationship between these concepts and other strands of thinking in Post Keynesian theory, as well as the relationship of the two concepts to one another. With respect to the latter, it is argued that a long run equilibrium of action is provisional, while provisional equilibrium outcomes in a Post Keynesian system can and should be thought of as depending on a long run equilibrium of action. As such, Chick's writings can be regarded as the source of a consistent vision of both short- and long-term equilibrium in Post Keynesian theory, this vision, in turn, being consistent with her preferred open-systems ontology.

Suggested Citation

  • Mark Setterfield, 2025. "Touching from a distance: towards a common conception of equilibrium in Post Keynesian economics," Working Papers 2508, New School for Social Research, Department of Economics.
    • Handle: RePEc:new:wpaper:2508
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    File URL: http://www.economicpolicyresearch.org/econ/2025/NSSR_WP_082025.pdf
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    More about this item

    Keywords

    Victoria Chick; provisional equilibrium; long run equilibrium of action; uncertainty; open systems;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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