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Wednesday, May 15, 2013

Lord Keynes — Kaldor on the Irrelevance of Equilibrium Economics

Walrasian general equilibrium theory is the greatest obstacle to the development of economics as a science.
That is the bold contention of Nicholas Kaldor in his article “The Irrelevance of Equilibrium Economics” (Economic Journal 82 [1972]: 1237–1252), and it is undoubtedly true.

One can summarise Kaldor’s argument as follows:
Social Democracy For The 21st Century: A Post Keynesian Perspective
Kaldor on the Irrelevance of Equilibrium Economics
Lord Keynes

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