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On the Transition from Long-period to Short-period Equilibria

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  • Christian Gehrke

Abstract

The paper examines the contributions of Myrdal, Lindahl, Hicks and Hayek that initiated the transition from the traditional long-period method to the methods of 'intertemporal' and 'temporary equilibria' in neoclassical general equilibrium analyses. It is shown that in the early contributions the idea of a tendency towards a long-period position was not completely abandoned, and that the new 'dynamic' equilibrium concepts were conceived by some of their originators as useful analytical devices for studying transitions between long-period equilibria only.

Suggested Citation

  • Christian Gehrke, 2003. "On the Transition from Long-period to Short-period Equilibria," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 85-106.
    • Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:85-106
    DOI: 10.1080/09538250308439
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    References listed on IDEAS

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    1. Frank Hahn, 1991. "Hicksian Themes on Stability," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 3, pages 64-83, Palgrave Macmillan.
    2. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, November.
    3. repec:bla:econom:v:46:y:1979:i:181:p:1-10 is not listed on IDEAS
    4. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    5. Kurz,Heinz D. (ed.), 2000. "Critical Essays on Piero Sraffa's Legacy in Economics," Cambridge Books, Cambridge University Press, number 9780521580892, January.
    6. Milgate, Murray, 1983. "Capital and Employment," Elsevier Monographs, Elsevier, edition 1, number 9780124962507 edited by Eatwell, John.
    7. Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
    8. Jonung,Lars (ed.), 1991. "The Stockholm School of Economics Revisited," Cambridge Books, Cambridge University Press, number 9780521391276, January.
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    Cited by:

    1. Saverio M. Fratini, 2019. "On The Second Stage Of The Cambridge Capital Controversy," Journal of Economic Surveys, Wiley Blackwell, vol. 33(4), pages 1073-1093, September.
    2. Sergio Cesaratto, 2017. "Bofinger and Ries versus Borio and Disyatat: macroeconomics after endogenous money. A brief note," Department of Economics University of Siena 763, Department of Economics, University of Siena.

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