IDEAS home Printed from https://ideas.repec.org/a/eee/streco/v24y2013icp123-129.html
   My bibliography  Save this article

Economic dynamics as a succession of equilibria: The path traveled by Morishima

Author

Listed:
  • Di Matteo, Massimo

Abstract

In the paper I bring to the attention of the economists and historians of economic thought the idea of economic dynamics that can be found in the first book by Morishima published in 1950 but has been totally overlooked. It has a great interest not only because there it appears for the first time the application of new mathematical concepts (“structural stability”) but also because Morishima pursues a way of dynamizing general equilibrium theory that has been neglected in the postwar developments inspired by Samuelson's Foundations. The paper has three parts. In the first and second I outline the development of economic dynamics and its applications to general equilibrium elaborated by Morishima; in the third a comparison between the prevailing idea of economic dynamics as originally put forward by Samuelson and that elaborated by Morishima is advanced and discussed.

Suggested Citation

  • Di Matteo, Massimo, 2013. "Economic dynamics as a succession of equilibria: The path traveled by Morishima," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 123-129.
    • Handle: RePEc:eee:streco:v:24:y:2013:i:c:p:123-129
    DOI: 10.1016/j.strueco.2012.08.005
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0954349X12000628
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.strueco.2012.08.005?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Morishima,Michio, 1992. "Capital and Credit," Cambridge Books, Cambridge University Press, number 9780521418409, October.
    2. K. Vela Velupillai, 2008. "JAPANESE CONTRIBUTIONS TO NONLINEAR CYCLE THEORY IN THE 1950s," The Japanese Economic Review, Japanese Economic Association, vol. 59(1), pages 54-74, March.
    3. Robert F. Hébert (ed.), 1993. "Perspectives On The History Of Economic Thought," Books, Edward Elgar Publishing, number 213.
    4. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
    5. Wynne Godley, 1997. "Macroeconomics without Equilibrium or Disequilibrium," Economics Working Paper Archive wp_205, Levy Economics Institute.
    6. Morishima,Michio, 1996. "Dynamic Economic Theory," Cambridge Books, Cambridge University Press, number 9780521563246, October.
    7. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-281, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Amendola, M. & Froeschle, C. & Gaffard, J. -L. & Lega, E., 2001. "Round-about production, co-ordination failure, technological change, and the wage-employment dilemma," Journal of Economic Behavior & Organization, Elsevier, vol. 46(1), pages 1-22, September.
    2. Antonio Bianco, 2016. "Hicks’s thread (out of the equilibrium labyrinth)," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(4), pages 1229-1245.
    3. repec:hal:spmain:info:hdl:2441/7321 is not listed on IDEAS
    4. Bianco, Antonio, 2015. "Out of Equilibrium: Bases, Basics, Policies, and Accounts," MPRA Paper 65850, University Library of Munich, Germany.
    5. repec:spo:wpecon:info:hdl:2441/6763 is not listed on IDEAS
    6. Takashi Negishi, 2005. "Michio Morishima and history: an obituary," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(3), pages 553-557.
    7. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2012. "Production Process Heterogeneity, Time to Build, and Macroeconomic Performance," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 263-294.
    8. Mario Amendola & Jean‐Luc Gaffard & Francesco Saraceno, 2004. "Wage Flexibility and Unemployment: The Keynesian Perspective Revisited," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(5), pages 654-674, November.
    9. Mario Amendola & Sergio Bruno & Jean-Luc Gaffard, 2010. "Hicks and Richardson on Industrial Change: Analysis and Policy," Chapters, in: Jean-Luc Gaffard & Evens Salies (ed.), Innovation, Economic Growth and the Firm, chapter 2, Edward Elgar Publishing.
    10. Amendola, Mario & Gaffard, Jean-Luc, 2014. "Time to build and out-of-equilibrium growth process," Structural Change and Economic Dynamics, Elsevier, vol. 29(C), pages 19-27.
    11. repec:hal:wpspec:info:hdl:2441/7321 is not listed on IDEAS
    12. repec:spo:wpmain:info:hdl:2441/6763 is not listed on IDEAS
    13. Francesco Saraceno, 2003. "Wage Regimes, Accumulation and Finance Constraints: Keynesian Unemployment Revisited," Macroeconomics 0311007, University Library of Munich, Germany.
    14. Patriarca, Fabrizio, 2012. "Time-to-build, obsolescence and the technological paradox," Structural Change and Economic Dynamics, Elsevier, vol. 23(1), pages 1-10.
    15. repec:spo:wpmain:info:hdl:2441/53r60a8s3kup1vc9l564n09r8 is not listed on IDEAS
    16. repec:spo:wpmain:info:hdl:2441/5gauqkmkok8h1p0f4ag7bsaioj is not listed on IDEAS
    17. repec:hal:spmain:info:hdl:2441/53r60a8s3kup1vc9l564n09r8 is not listed on IDEAS
    18. repec:hal:wpspec:info:hdl:2441/6763 is not listed on IDEAS
    19. Scazzieri, Roberto, 2018. "Structural dynamics and evolutionary change," Structural Change and Economic Dynamics, Elsevier, vol. 46(C), pages 52-58.
    20. repec:spo:wpmain:info:hdl:2441/7321 is not listed on IDEAS
    21. repec:spo:wpecon:info:hdl:2441/7321 is not listed on IDEAS
    22. repec:hal:spmain:info:hdl:2441/6763 is not listed on IDEAS
    23. repec:hal:spmain:info:hdl:2441/5gauqkmkok8h1p0f4ag7bsaioj is not listed on IDEAS
    24. Scazzieri, Roberto, 2021. "Structural dynamics and evolutionary change," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 365-371.
    25. Stefano Zambelli & N. Dharmaraj, 2013. ""Carry-on-Activity" and Process Innovation," ASSRU Discussion Papers 1306, ASSRU - Algorithmic Social Science Research Unit.
    26. V. Ragupathy & Stefano Zambelli & K. Vela Velupillai, 2013. "A Non-linear Model of the Trade Cycle: Mathematical Reflections on Hugh Hudson's Classic," Australian Economic Papers, Wiley Blackwell, vol. 52(2), pages 115-125, June.
    27. repec:hal:spmain:info:hdl:2441/6493 is not listed on IDEAS
    28. repec:hal:wpspec:info:hdl:2441/6762 is not listed on IDEAS
    29. Jean-Luc Gaffard, 2014. "Crise de la théorie et crise de la politique économique. Des modèles d'équilibre général stochastique aux modèles de dynamique hors de l'équilibre," Revue économique, Presses de Sciences-Po, vol. 65(1), pages 71-96.
    30. repec:spo:wpecon:info:hdl:2441/1931 is not listed on IDEAS
    31. Mauro Napoletano & Jean-Luc Gaffard, 2010. "Performances et politiques de croissance. Un éclairage empirique à partir d'une étude de l'effet de la taille des pays et nouvelles réflexions théoriques," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 213-248.
    32. Jean-Luc Gaffard, 2003. "Coordination, marché et organisation. Essai sur l'efficacité et la stabilité des économies de marché," Revue de l'OFCE, Presses de Sciences-Po, vol. 85(2), pages 235-270.
    33. Marletto, Gerardo, 2011. "Structure, agency and change in the car regime. A review of the literature," European Transport \ Trasporti Europei, ISTIEE, Institute for the Study of Transport within the European Economic Integration, issue 47, pages 71-88.
    34. Tommaso Ciarli & André Lorentz & Marco Valente & Maria Savona, 2019. "Structural changes and growth regimes," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 119-176, March.
    35. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2004. "Technological Shocks and the Conduct of Monetary Policy," Revue économique, Presses de Sciences-Po, vol. 55(6), pages 1241-1263.

    More about this item

    Keywords

    Dynamic general equilibrium; Comparative statics; Dynamic stability; Structural stability;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:streco:v:24:y:2013:i:c:p:123-129. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/525148 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.