On Interrelations between the Evolutionary Theory and the Orthodoxy (a conceptual analysis)

V. Mayevsky

Voprosy Ekonomiki, 2003, issue 11

Abstract: The economy is evolving and at the same time evaluates (measures) itself in the course of this evolution. This feature makes it possible to solve in perspective the problem of synthesis between the evolutionary theory and the orthodoxy. Problems confronting such a synthesis of the two theories are considered in the paper. In particular, it has been shown that there exists a non-equilibrium profit in the framework of equilibrium prices which reflects the degree of non-equilibrium between production needs and possibilities. Also, it has been shown that an evolutionary representation of the economy may be provided by means of so called macrogenerations. The formation of prices (being a function of the orthodoxy) depends on the behavior of macrogenerations.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2003:id:2101

DOI: 10.32609/0042-8736-2003-11-4-14

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