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János Kornai’s Anti-Equilibrium, a harbinger of evolutionary economics

Author

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  • Peter Mihalyi

    (University of Pannonia, Department of Finance, Egyetem u. 10., H-8200 Veszprém, Hungary)

Abstract

Anti-Equilibrium (1971) was well ahead of its time in emphasising that (i) economics should draw from biology, rather than physics, as its methodological underpinning; (ii) evolutionary logic requires a different type of decision-making in simple, routine matters, as opposed to large and important decisions; (iii) the most important production processes are non-linear, with increasing returns to scale being the rule, rather than the exception in modern capitalist economies and — in conclusion — that there is no such thing as general equilibrium. In modern societies, goods and services are either in shortage (Socialism) or in a state of oversupply (Capitalism). It is either a buyers’ market or sellers’ market.

Suggested Citation

  • Peter Mihalyi, 2013. "János Kornai’s Anti-Equilibrium, a harbinger of evolutionary economics," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 63(3), pages 367-375, September.
    • Handle: RePEc:aka:aoecon:v:63:y:2013:i:3:p:367-375
    Note: The article is based on a presentation at the January 2013 conference to celebrate János Kornai’s 85th birthday.
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    More about this item

    Keywords

    equilibrium theory; economic models; socialist system; Hungary;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • H1 - Public Economics - - Structure and Scope of Government
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions

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