EconPapers    
Economics at your fingertips  
 

The temporary equilibrium method: Hicks against Hicks

Michel De Vroey ()

No 2004014, Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: Hicks is renown for having introduced the temporary equilibrium framework in his book Value and Capital. Subsequently, however, he partially recanted this framework by rejecting the market clearing idea while still keeping the week device. The aim of this paper is to assess whether this change was right. My answer will be broadly negative. To make my point, I will ponder on the meaning and implications of the week device, assess the validity of Hicks’ claim that slow adjustment can cause market rationing, examine his claim that the possibility of market clearing depends on the prevailing market form and, finally, assess his twofold filiations towards Marshall and Walras.

Keywords: HICKS; Temporary Equilibrium (search for similar items in EconPapers)
JEL-codes: B21 D50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe and nep-mic
Date: 2004-04-01
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://sites.uclouvain.be/econ/DP/IRES/2004-14.pdf (application/pdf)

Related works:
Journal Article: The temporary equilibrium method: Hicks against Hicks (2006) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:ctl:louvir:2004014

Access Statistics for this paper

More papers in Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Place Montesquieu 3, 1348 Louvain-la-Neuve (Belgium). Contact information at EDIRC.
Series data maintained by Anne DAVISTER-LOGIST ().

 
Page updated 2017-04-21
Handle: RePEc:ctl:louvir:2004014