The traverse, equilibrium analysis and post-Keynesian economics

Joseph Halevi, Neil Hart and Peter Kriesler
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Joseph Halevi: The University of Sydney
Neil Hart: The University of Western Sydney

No 2012-32, Discussion Papers from School of Economics, 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.

Keywords: history of economic thought; post-Keynesian; equilibrium and disequilibrium; path-dependency; hysteresis; cumulative causation and the evolutionary (search for similar items in EconPapers)
JEL-codes: B00 B52 D5 E12 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2012-05
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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