Kornai and Anti-Equilibrium

Steve Keen

Acta Oeconomica, 2018, vol. 68, issue supplement1, 53-72

Abstract: János Kornai’s Anti-Equilibrium was ahead of its time when it was written, and even today, when system dynamics software is extensively used in engineering and other disciplines, it remains ahead of its time in economics, which is still hampered by the dominant equilibrium-dominated modeling approach and the subjective beliefs that the truly sterile state of equilibrium is preferable to the real dynamic instability of actual capitalism. I show that the dead-end in which economic theory finds itself today is easily escaped if we adopt the system dynamics approach Kornai recommended in 1971, and derive macroeconomics directly from the structure of the macroeconomy.

Keywords: economic dynamics; system dynamics; complexity economics; complex systems; economic methodology; history of economic thought; economic simulation (search for similar items in EconPapers)
JEL-codes: C61 C62 C63 C69 C88 (search for similar items in EconPapers)
Date: 2018
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