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Joan Robinson and MIT

Listed author(s):
  • Geoffrey C. Harcourt

    ()

    (School of Economics, UNSW Business School, UNSW)

  • Harvey Gram

    ()

    (Queens College, City University of New York)

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.

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File URL: http://research.economics.unsw.edu.au/RePEc/papers/2016-11.pdf
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Paper provided by School of Economics, The University of New South Wales in its series Discussion Papers with number 2016-11.

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Length: 16 pages
Date of creation: Oct 2016
Handle: RePEc:swe:wpaper:2016-11
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  1. Cohen, Avi J., 2010. "Capital Controversy From Böhm-Bawerk To Bliss: Badly Posed Or Very Deep Questions? Or What “We” Can Learn From Capital Controversy Even If You Don'T Care Who Won," Journal of the History of Economic Thought, Cambridge University Press, vol. 32(01), pages 1-21, March.
  2. Bliss, C. J., 1975. "Capital Theory and the Distribution of Income," Elsevier Monographs, Elsevier, edition 1, number 9780720436044 edited by Bliss, C. J..
  3. David Levhari, 1965. "A Nonsubstitution Theorem and Switching of Techniques," The Quarterly Journal of Economics, Oxford University Press, vol. 79(1), pages 98-105.
  4. Backhouse,Roger E., 2014. "Transforming Modern Macroeconomics," Cambridge Books, Cambridge University Press, number 9781107435384, December.
  5. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, December.
  6. 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.
  7. Evans, George W. & Guesnerie, Roger, 2005. "Coordination on saddle-path solutions: the eductive viewpoint--linear multivariate models," Journal of Economic Theory, Elsevier, vol. 124(2), pages 202-229, October.
  8. Joan Robinson, 1953. "The Production Function and the Theory of Capital," Review of Economic Studies, Oxford University Press, vol. 21(2), pages 81-106.
  9. 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.
  10. 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.
  11. Richard Bellman, 1957. "On a Dynamic Programming Approach to the Caterer Problem--I," Management Science, INFORMS, vol. 3(3), pages 270-278, April.
  12. Milgate, Murray, 1979. "On the Origin of the Notion of "Intertemporal Equilibrium"," Economica, London School of Economics and Political Science, vol. 46(181), pages 1-10, February.
  13. F. H. Hahn, 1966. "Equilibrium Dynamics with Heterogeneous Capital Goods," The Quarterly Journal of Economics, Oxford University Press, vol. 80(4), pages 633-646.
  14. 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.
  15. Paul A. Samuelson, 1962. "Parable and Realism in Capital Theory: The Surrogate Production Function," Review of Economic Studies, Oxford University Press, vol. 29(3), pages 193-206.
  16. John C. H. Fei, 1965. "Per Capita Consumption and Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 79(1), pages 52-72.
  17. 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.
  18. Harris, Donald J, 1973. "Capital, Distribution, and the Aggregate Production Function," American Economic Review, American Economic Association, vol. 63(1), pages 100-113, March.
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