On the Transition from Long-period to Short-period Equilibria

Christian Gehrke

Review of Political Economy, 2003, vol. 15, issue 1, 85-106

Abstract: The paper examines the contributions of Myrdal, Lindahl, Hicks and Hayek that initiated the transition from the traditional long-period method to the methods of 'intertemporal' and 'temporary equilibria' in neoclassical general equilibrium analyses. It is shown that in the early contributions the idea of a tendency towards a long-period position was not completely abandoned, and that the new 'dynamic' equilibrium concepts were conceived by some of their originators as useful analytical devices for studying transitions between long-period equilibria only.

Date: 2003
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DOI: 10.1080/09538250308439

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