History versus equilibrium: Nicholas Kaldor on historical time and economic theory

Article Abstract:

Economist and political adviser, Nicholas Kaldor, is associated with the theory of 'equilibrium economics' and it is well known that, in later life, he rejected the idea of equilibrium constructs in favour of history as a determining factor in economic theory. However, Kaldor's paper entitled "A Classificatory Note on the Determinateness of Equilibrium" suggests that he was already questioning the value of equilibrium analysis as early as 1934 and that his thinking did not change gradually over time. This has implications for economic research into path dependency.

Research, Economic research, Equilibrium (Economics), Kaldor, Nicholas

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'History versus equilibrium' and the theory of economic growth

Article Abstract:

A critique and an extension of Kaldor's model of cumulative causation was presented. The extended model postulates that cumulative causation occurs in the context of technological an institutional regimes. The limits of this model as a characterisation of 'historical' than 'equilibrium' long-run growth outcomes were analyzed. It was found that the extended model was influenced more by history.

Economic development, Economic indicators, Causation, Causation (Philosophy)

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Keynes's dialectic

Article Abstract:

A dialectical method of analysis in the social sciences, which can then be applied to any social system is identified. It also shows that a dialectic exists in post-Keynesian economics.

United Kingdom, Economics, Social sciences, Keynesian economics, Economic theory

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