The Reswitching of Techniques and Its Epistemological Implications: A Deepening of Criticism

Alain Herscovici ()

Chapter Chapter 5 in Value, Historicity, and Economic Epistemology, 2023, pp 113-135 from Springer

Abstract: Abstract This chapter aims (a) to explain the mechanisms from which the problem of reswitching of techniques is formulated and (b) to analyze the implications with regard to the general architecture of neoclassical macroeconomics. One can see how these elements allow refuting the neoclassical theory of income distribution, and why they translate into structural instability. In the first part, I will explain the mechanisms that correspond to the problem of reswitching of techniques; in the second part, I will study the implications linked to the reswitching, with regard to the determinants of income distribution and the equilibrium stability.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-21157-7_5

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DOI: 10.1007/978-3-031-21157-7_5

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