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Anjan Mukherji
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Anjan Mukherji: Jawaharlal Nehru University

A chapter in Value and Capital: Fifty Years Later, 1991, pp 85-89 from Palgrave Macmillan

Abstract: Abstract To consider Hicksian Themes on Stability presented by Professor Hahn, we should perhaps begin by looking at the following passage from Value and Capital (2nd edn) which clearly states why Sir John thought it necessary to introduce a discussion of stability in a general equilibrium framework: ‘Nevertheless, in spite of these merits … it is clear that many economists have felt, in the end, a certain sterility in his approach’ (p. 60) and goes on to add that the reason for the sterility in the Walrasian approach is due to the fact that Walras did not work out the laws of change. Moreover, the first sentence in Value and Capital, ch. V, p. 62, reads The laws of change of the price system, like the laws of change of individual demand, have to be derived from stability conditions.’ Sir John then went on to derive the perfect stability conditions. These conditions are the starting-point of Hahn’s paper too.

Keywords: Dynamic Stability; Excess Demand; Price Adjustment; Individual Demand; International Economic Review (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11029-2_5

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DOI: 10.1007/978-1-349-11029-2_5

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