Conclusion

Mark Setterfield

A chapter in Rapid Growth and Relative Decline, 1997, pp 162-167 from Palgrave Macmillan

Abstract: Abstract This book has arisen from a discontent with the traditional equilibrium approach to economic modelling, especially as applied to the dynamics of long-run growth and development in capitalist economies. The alternative methodology that has been adopted — based on the importance of path dependency and, in particular, the concept of hysteresis — represents a major departure from traditional equilibrium analysis, especially in so far as it calls into question the very usefulness of equilibrium as an organizing concept when studying the evolution of an economic system.

Keywords: Capitalist Economy; Relative Decline; Hysteretic Model; Past Matter; Traditional Equilibrium (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37587-1_9

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DOI: 10.1057/9780230375871_9

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