J. R. Hicks on equilibrium and disequilibrium Value and Capital revisited

Michel De Vroey

History of Economics Review, 1999, vol. 29, issue 1, 31-44

Abstract: This article aims at critically assessing Hicks’ conception of equilibrium and disequilibrium, as developed in Value and Capital. In a first part, I argue that Hicks cannot be regarded as belonging fully to the Walrasian research programme in spite of his significant contribution to its development. I claim that this is due to his ill-fated will to introduce categories specific to the Marshallian approach in a Walrasian framework. In a second part, his “tripartite classification” interpretation of Marshall’s equilibrium conception will be evaluated It will be contrasted with an arguably more coherent interpretation giving pride of place to a binary opposition between market and normal equilibrium. Hicks’ posterior reservations about his temporary equilibrium construct are then critically assessed.

Date: 1999
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DOI: 10.1080/10370196.1999.11733294

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