Equilibrium and Economic Theory (Routledge Studies in the by Giovanni Alfredo Caravale

By Giovanni Alfredo Caravale

This booklet considers the therapy of equilibrium through a number of of crucial colleges of concept in economics, together with: * neoclassical economics, * the neo-Ricardian economics, * Post-Keynesian economics - either those that keep on with Joan Robinson in denying any interpretative function to equilibrium in financial theorizing and those that use the idea of equilibrium, yet re-defined from a Classical or Keynesian viewpoint.

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SOME CONCLUDING REMARKS The critical conclusions that emerge from the analysis conducted in the first part of this chapter of the main approaches to the problem of economic equilibrium are rooted in the use of the concept of equilibrium as either an apologetic or a critical tool. This assessment is the premiss of the following attempt to identify some fundamental properties of a different approach to equilibrium that stresses its role as a tool for the understanding of the working of economic systems, freed from the constraints of both the ‘apologetic’ and the ‘heretical’ views.

11 What varies is obviously the meaning attributed to this characteristic and the context in which it is placed. In the neoclassical conception, in both its traditional and its contemporary version, the idea of rationality is strictly associated with the hypothesis of the adequacy of the information available for the identification of an optimizing behaviour. This hypothesis implies either precise knowledge of the consequences of the possible alternatives from which the choice is made in order to maximize utility, or the possibility of assigning a precise distribution of probability to the various possible alternatives with a view to reaching the same objective – the maximization of utility.

And Milgate, M. editors (1983), Keynes’s Economics and the Theory of Value and Distribution, London, Duckworth. Einstein, A. (1960), Ideas and Opinions, New York, Crow. Garegnani, P. (1979), Valore e domanda effettiva, Turin, Einaudi. Garegnani, P. (1983), ‘The Classical Theory of Wages and the Role of Demand Schedule in the Determination of Relative Prices’, American Economic Review, Papers and Proceedings, May. Garegnani, P. (1990), ‘Sraffa: Classical versus Marginalist Analysis’, in Essays on Piero Sraffa, ed.

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