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The traverse, equilibrium analysis and post-Keynesian economics

Author

Listed:
  • Joseph Halevi

    (The University of Sydney)

  • Neil Hart

    (The University of Western Sydney)

  • Peter Kriesler

    () (The University of New South Wales)

Abstract

The Traverse refers to the movement of the economy outside equilibrium. It requires a consideration of how an economy may achieve equilibrium, and how it may navigate towards a new one if conditions change. Analysis of these themes, from the classical economists onwards, leads to the conclusion that it is difficult to envisage any useful role for equilibrium theory in the absence of some evidence that there are forces in the economy which propel it to equilibrium, without influencing the position to which the economy is gravitating towards. Complicating factors, emphasised in the post-Keynesian literature, include the existence of path-dependency, hysteresis, cumulative causation and the evolutionary nature of economic change.

Suggested Citation

  • Joseph Halevi & Neil Hart & Peter Kriesler, 2012. "The traverse, equilibrium analysis and post-Keynesian economics," Discussion Papers 2012-32, School of Economics, The University of New South Wales.
    • Handle: RePEc:swe:wpaper:2012-32
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    File URL: http://research.economics.unsw.edu.au/RePEc/papers/2012-32.pdf
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    References listed on IDEAS

    as
    1. Franco Modigliani, 1959. "New Developments on the Oligopoly Front: Reply," Journal of Political Economy, University of Chicago Press, vol. 67, pages 418-418.
    2. Nicholas Kaldor, 1975. "What is Wrong with Economic Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 89(3), pages 347-357.
    3. Kennedy, Charles & Thirlwall, A P, 1972. "Technical Progress: A Survey," Economic Journal, Royal Economic Society, vol. 82(325), pages 11-72, March.
    4. Peter Kriesler & J. W. Nevile, 2012. "Dynamic Keynesian economics: cycling forward with Harrod and Kalecki," Cambridge Journal of Economics, Oxford University Press, vol. 36(2), pages 405-417.
    5. Kaldor, Nicholas, 1970. "The Case for Regional Policies," Scottish Journal of Political Economy, Scottish Economic Society, vol. 17(3), pages 337-348, November.
    6. Rod Cross & Michael Grinfeld & Laura Piscitelli, 1999. "Hysteresis in Economic Systems," Computing in Economics and Finance 1999 723, Society for Computational Economics.
    7. Pasinetti,Luigi, 1993. "Structural Economic Dynamics," Cambridge Books, Cambridge University Press, number 9780521432825, December.
    8. K. N. Raj & A. K. Sen, 1961. "Alternative Patterns Of Growth Under Conditions Of Stagnant Export Earnings," Oxford Economic Papers, Oxford University Press, vol. 13(1), pages 43-52.
    9. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    history of economic thought; post-Keynesian; equilibrium and disequilibrium; path-dependency; hysteresis; cumulative causation and the evolutionary;

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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