Touching from a distance: towards a common conception of equilibrium in Post Keynesian economics

Mark Setterfield

No 2508, Working Papers from New School for Social Research, Department of Economics

Abstract: This paper discusses Victoria Chick's concepts of provisional equilibrium and long run equilibrium of action. Attention is paid to the relationship between these concepts and other strands of thinking in Post Keynesian theory, as well as the relationship of the two concepts to one another. With respect to the latter, it is argued that a long run equilibrium of action is provisional, while provisional equilibrium outcomes in a Post Keynesian system can and should be thought of as depending on a long run equilibrium of action. As such, Chick's writings can be regarded as the source of a consistent vision of both short- and long-term equilibrium in Post Keynesian theory, this vision, in turn, being consistent with her preferred open-systems ontology.

Keywords: Victoria Chick; provisional equilibrium; long run equilibrium of action; uncertainty; open systems (search for similar items in EconPapers)
JEL-codes: B41 E12 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2025-05
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:new:wpaper:2508

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