On Long-run Equilibrium in Class Society

Edward Nell

Chapter 11 in Joan Robinson and Modern Economic Theory, 1989, pp 323-343 from Palgrave Macmillan

Abstract: Abstract The notion of equilibrium and the distinction between two kinds, long run and short, has been fundamental to almost all economic analysis of the past century. By contrast, the classics and Marx sought for the ‘laws of motion’ of capitalism. These latter do not define a long-run equilibrium, and it will be the claim here that a full-fledged, long-run equilibrium is not possible in a class society. This is not exactly Joan Robinson’s position, but it is close, and it builds on some of her favorite themes.

Keywords: Capital Good; Saving Ratio; Growth Equilibrium; Supply Price; Capitalist Household (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-08633-7_11

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