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History versus equilibrium? on the possibility and realist basis of a general critique of traditional equilibrium analysis

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  • Dany Lang
  • Mark Setterfield

Abstract

This paper responds to Backhouse's (2004) claims that there is no antagonism between history and equilibrium and no case to be made in principle against equilibrium analysis. We first show that Backhouse's partial defense of equilibrium analysis has already been encompassed by heterodox theory. We then identify a "traditional equilibrium approach" to economic analysis and provide a general critique of this approach based on its perceived infidelity to the properties of social reality. Finally, we argue that this exercise exemplifies Lawson's (2005a) thesis that heterodox skepticism of equilibrium analysis is motivated by ontic concerns—that is, concerns with the intrinsic properties of the social material that is being theorized by economists.

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  • Dany Lang & Mark Setterfield, 2006. "History versus equilibrium? on the possibility and realist basis of a general critique of traditional equilibrium analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(2), pages 191-209.
    • Handle: RePEc:mes:postke:v:29:y:2006:i:2:p:191-209
    DOI: 10.2753/PKE0160-3477290202
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    Cited by:

    1. Ron Martin, 2010. "Roepke Lecture in Economic Geography—Rethinking Regional Path Dependence: Beyond Lock-in to Evolution," Economic Geography, Taylor & Francis Journals, vol. 86(1), pages 1-27, January.
    2. M. G. Hayes, 2013. "The State of Short-term Expectation," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 205-224, April.
    3. Asensio, Angel & Charles, Sébastien & Lang, Dany & Le Heron, Edwin, 2011. "Les développements récents de la macroéconomie post-keynésienne," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.
    4. Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.
    5. Yi-Jang Yu, 2014. "A More Practical Method for Explaining Equilibrium," Research in World Economy, Research in World Economy, Sciedu Press, vol. 5(1), pages 88-98, March.
    6. Setterfield, Mark & Gouri Suresh, Shyam, 2016. "Multi-agent systems as a tool for analyzing path-dependent macrodynamics," Structural Change and Economic Dynamics, Elsevier, vol. 38(C), pages 25-37.
    7. 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.
    8. Icefield, William, 2020. "On treatment of interests, profits and equilibrium non-existence in general equilibrium models," MPRA Paper 99625, University Library of Munich, Germany.
    9. Finn Olesen, 2010. "Uncertainty, bounded rationality and post-Keynesian Macroeconomics," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(1), pages 109-124.
    10. Mark Setterfield, 2015. "Heterodox economics, social ontology, and the use of mathematics," Working Papers 1503, New School for Social Research, Department of Economics, revised May 2015.
    11. Mark Setterfield, 2015. "Path Dependency," Working Papers 1521, New School for Social Research, Department of Economics.

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