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Information, Dynamics and Equilibrium

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  • Hahn, F H

Abstract

This lecture, delivered in Edinburgh in 1987, proposes that a useful concept of equilibri um requires a theory of the behavior of economic agents out of equili brium. Particular attention is paid to the learning of agents. Bayesi an learning is assumed and several examples are studied. They reveal that, in general, equilibrium will be history dependent. It is sugges ted that recent recognition of the pervasiveness of multiple equilibr ia of the Walrasian kind makes such history dependence more acceptabl e since the learning process on which it is based will single out one among many equilibria if there is convergence. Copyright 1987 by Scottish Economic Society.

Suggested Citation

  • Hahn, F H, 1987. "Information, Dynamics and Equilibrium," Scottish Journal of Political Economy, Scottish Economic Society, vol. 34(4), pages 321-334, November.
    • Handle: RePEc:bla:scotjp:v:34:y:1987:i:4:p:321-34
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    Cited by:

    1. Douglass C. North, 2016. "Institutions and Economic Theory," The American Economist, Sage Publications, vol. 61(1), pages 72-76, March.
    2. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    3. Massimiliano Landi & Pier Luigi Sacco, 2001. "Norms of Cooperation in a Game of Partnership," Computational and Mathematical Organization Theory, Springer, vol. 7(3), pages 233-266, October.
    4. Ettore Gallo & Mark Setterfield, 2022. "Historical Time and the Current State of Post-Keynesian Growth Theory," Working Papers 2204, New School for Social Research, Department of Economics.
    5. Carolina Castaldi & Giovanni Dosi, 2003. "The Grip of History and the Scope for Novelty: Some Results and Open Questions on Path Dependence in Economic Processes," LEM Papers Series 2003/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    6. Tschirley, David L. & Jayne, T.S., 2010. "Exploring the Logic Behind Southern Africa's Food Crises," World Development, Elsevier, vol. 38(1), pages 76-87, January.
    7. Douglass C. North, 1995. "Some Fundamental Puzzles In Economic History/Development," Economic History 9509001, University Library of Munich, Germany.
    8. Mark Lutz, 1993. "Social economics and economics imperialism," Forum for Social Economics, Springer;The Association for Social Economics, vol. 23(1), pages 1-12, September.
    9. Douglass C. North, 2000. "La evolución histórica de las formas de gobierno," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 2(2), pages 133-148, January-J.
    10. Erno Zalai, 1998. "Computable Equilibrium Modelling and Application to Economies in Transition," CERT Discussion Papers 9804, Centre for Economic Reform and Transformation, Heriot Watt University.

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