Determinate Solutions and Valuational Processes: Overcoming the Foreclosure of Process

Warren Samuels

Chapter 6 in Essays on the Methodology and Discourse of Economics, 1992, pp 92-107 from Palgrave Macmillan

Abstract: Abstract Multiple equilibria are not necessarily useless but, from the standpoint of any exact science, the existence of ‘uniquely determined equilibrium (set of values)’ is, of course, of the utmost importance, even if proof has to be purchased at the price of very restrictive assumptions; without any possibility of proving the existence of uniquely determined equilibrium — or at all events, of a small number of possible equilibria — at however high a level of abstraction, a field of phenomena is really a chaos that is not under analytic control. (Schumpeter, 1954, p. 969)

Keywords: Power Structure; Social Economic; Economic Process; Social Welfare Function; Neoclassical Economist (search for similar items in EconPapers)
Date: 1992
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Journal Article: Determinate Solutions and Valuational Processes: Overcoming the Foreclosure of Process (1989)
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DOI: 10.1007/978-1-349-12371-1_7

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