Out of Equilibrium: Bases, Basics, Policies, and Accounts

Antonio Bianco

MPRA Paper from University Library of Munich, Germany

Abstract: New regulation of EU cohesion policy prescribes ex ante impact eval- uations. These imply a vision of the working of a process of economic change. A theory of change based on the concept of equilibrium (which is a situation in which by definition change is not liable to occur) being paradoxical, the present article aims at presenting bases and basics of Amendola’s out-of-equilibrium approach in a perspective that is instru- mental in the above-referred concrete policy issue. Accordingly, after reviewing the essentials of John Hicks’ concern with the construction of an out-of-equilibrium approach, the key concepts at play in Amendola and Gaffard’s out-of-equilibrium model are summarized and, after considering the resulting perspective on policy making, and touching on EU o�cial framework for institutional accounts, the sequence of ac- counts implicit in the out-of-equilibrium model is eventually derived.

Keywords: Ex Ante Impact Evaluation; Change; Uncertainty; Sunk Costs; Liquidity Risk; Coordination; Sequence of Accounts. (search for similar items in EconPapers)
JEL-codes: B52 C80 E61 O20 (search for similar items in EconPapers)
Date: 2015-01
New Economics Papers: this item is included in nep-hme and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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