By Giovanni Alfredo Caravale
This ebook considers the remedy of equilibrium via numerous of crucial colleges of notion in economics, together with: * neoclassical economics, * the neo-Ricardian economics, * Post-Keynesian economics - either those that stick with Joan Robinson in denying any interpretative function to equilibrium in monetary theorizing and people who use the proposal of equilibrium, yet re-defined from a Classical or Keynesian point of view.
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Extra resources for Equilibrium and Economic Theory (Routledge Studies in the History of Economics, 11)
1983), Macroeconomics after Keynes, Oxford, Philip Allan. I. C. (1985), Macroeconomic Thought, Oxford, Blackwell. Eatwell, J. and Milgate, M. editors (1983), Keynes’s Economics and the Theory of Value and Distribution, London, Duckworth. Einstein, A. (1960), Ideas and Opinions, New York, Crow. Garegnani, P. (1979), Valore e domanda effettiva, Turin, Einaudi. Garegnani, P. (1983), ‘The Classical Theory of Wages and the Role of Demand Schedule in the Determination of Relative Prices’, American Economic Review, Papers and Proceedings, May.
Lunghini, G. (1989), ‘Equilibrio’, in Dizionario di Economia Politica, Turin, Boringhieri. Lunghini, G. M. Keynes, La fine del laissezfaire e altri scritti, Turin, Bollati Boringhieri, 1991. Marshall, A. (1920), Principles of Economics, eighth edition, London, Macmillan. Mongiovi, G. (1991), ‘The Ricardo Debates: a Comment’, Canadian Journal of Economics, August. Pasinetti, L. (1981), Structural Change and Economic Growth, Cambridge, Cambridge University Press. Robinson, J. (1979), ‘History versus Equilibrium’, in Collected Economic Papers V, Oxford, Blackwell.
Freeing the concept of equilibrium from the fetters of the chronological conception, the problems pointed out by Goodwin disappear and the ‘perverse transformation’ dissolves, evincing how Keynes’s use of the notion of the multiplier represents an essential element of a solid and coherent analytical construction. These aspects are more amply examined in Caravale (1992a, b; 1994b). From this general methodological viewpoint, the ‘iterative’ procedure suggested – in a strictly chronological context – by Garegnani (1983; 1990 and recently taken up by Mongiovi (1991) gives rise to serious perplexities as an analytical framework adequate 32 THE NOTION OF EQUILIBRIUM for the analysis of the crucial relationship between prices and quantities in the context of classical theory.