The temporary equilibrium method: Hicks against Hicks
Michel De Vroey
No 2004014, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)
Hicks is renown for having introduced the temporary equilibrium framework in his book Value and Capital. Subsequently, however, he partially recanted this framework by rejecting the market clearing idea while still keeping the week device. The aim of this paper is to assess whether this change was right. My answer will be broadly negative. To make my point, I will ponder on the meaning and implications of the week device, assess the validity of Hicks’ claim that slow adjustment can cause market rationing, examine his claim that the possibility of market clearing depends on the prevailing market form and, finally, assess his twofold filiations towards Marshall and Walras.
Keywords: HICKS; Temporary Equilibrium (search for similar items in EconPapers)
JEL-codes: B21 D50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe and nep-mic
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Journal Article: The temporary equilibrium method: Hicks against Hicks (2006)
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