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Kaldor on Debreu: The Critique of General Equilibrium Reconsidered

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  • Thomas Boylan
  • Paschal O'Gorman

Abstract

This paper revisits Kaldor's methodological critique of orthodox economics. The main target of his critique was the theory of general equilibrium as expounded in the work of Debreu and others. Kaldor deemed this theory to be seriously flawed as an empirically adequate description of real-world economies. According to Kaldor, scientific progress was not possible in economics without a major act of demolition, by which he meant the destruction of the basic conceptual framework of the theory of general equilibrium. We extend Kaldor's critique by recourse to major developments in 20th century philosophy of mathematics, and then go on to demonstrate that Debreu's work, based as it is on Bourbakist formalism and in particular Cantorian set theory, is conceptually incompatible with Kaldor's requirements for an empirical science. This aspect of Kaldor's critique has not been explored, and as a consequence a major source of substantiating his critique has remained undeveloped.

Suggested Citation

  • Thomas Boylan & Paschal O'Gorman, 2009. "Kaldor on Debreu: The Critique of General Equilibrium Reconsidered," Review of Political Economy, Taylor & Francis Journals, vol. 21(3), pages 447-461.
    • Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:447-461
    DOI: 10.1080/09538250903073495
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    References listed on IDEAS

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    1. Targetti, Ferdinando, 1992. "Nicholas Kaldor: The Economics and Politics of Capitalism as a Dynamic System," OUP Catalogue, Oxford University Press, number 9780198283485.
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    Cited by:

    1. K. Vela Velupillai, 2012. "Bourbaki's Destructive Influence on the Mathematization of Economics," ASSRU Discussion Papers 1201, ASSRU - Algorithmic Social Science Research Unit.

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