Evolution Versus Equilibrium

Jan Kregel

Journal of Economic Issues, 2011, vol. 45, issue 2, 269-275

Abstract: Post Keynesian economists have followed Joan Robinson's criticism of general equilibrium theory as abolishing history by allowing all contracts to be executed today for all future contingencies. This was the justification for the support of financial innovation to provide for the completeness of futures markets. The recent crisis has shown that force of history. Instead, many evolutionary and Keynesian economists have suggested the approach of cumulative causation as an approach that includes history and eschews equilibrium. This approach may provide a way to take history seriously in economic analysis.

Date: 2011
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DOI: 10.2753/JEI0021-3624450203

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