János Kornai’s Anti-Equilibrium, a harbinger of evolutionary economics

Peter Mihalyi

Acta Oeconomica, 2013, vol. 63, issue 3, 367-375

Abstract: Anti-Equilibrium (1971) was well ahead of its time in emphasising that (i) economics should draw from biology, rather than physics, as its methodological underpinning; (ii) evolutionary logic requires a different type of decision-making in simple, routine matters, as opposed to large and important decisions; (iii) the most important production processes are non-linear, with increasing returns to scale being the rule, rather than the exception in modern capitalist economies and — in conclusion — that there is no such thing as general equilibrium. In modern societies, goods and services are either in shortage (Socialism) or in a state of oversupply (Capitalism). It is either a buyers’ market or sellers’ market.

Keywords: equilibrium theory; economic models; socialist system; Hungary (search for similar items in EconPapers)
JEL-codes: B51 B52 H1 P2 P3 (search for similar items in EconPapers)
Date: 2013
Note: The article is based on a presentation at the January 2013 conference to celebrate János Kornai’s 85th birthday.
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