An Essay in Dynamic Theory

Roy Harrod

Chapter Essay 13 in Economic Essays, 1972, pp 254-277 from Palgrave Macmillan

Abstract: Abstract 1. The following pages constitute a tentative and preliminary attempt to give the outline of a ‘dynamic’ theory. Static theory consists of a classification of terms with a view to systematic thinking, together with the extraction of such knowledge about the adjustments due to a change of circumstances as is yielded by the ‘laws of supply and demand’. It has for some time appeared to me that it ought to be possible to develop a similar classification and system of axioms to meet the situation in which certain forces are operating steadily to increase or decrease certain magnitudes in the system. The consequent ‘theory’ would not profess to determine the course of events in detail, but should provide a framework of concepts relevant to the study of change analogous to that provided by static theory for the study of rest.

Keywords: Trade Cycle; Actual Rate; Capital Stock; Dynamic Theory; Fundamental Equation (search for similar items in EconPapers)
Date: 1972
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DOI: 10.1007/978-1-349-01494-1_13

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