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Capital Theory Paradoxes: Anything Goes

In: Joan Robinson and Modern Economic Theory

Author

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  • Andreu Mas-Colell

Abstract

A first approximation to the study of the intertemporal aspects of resource allocation (capital theory from now on), consists of concentrating on the steady states (the rest points) of associated dynamical systems. Provided one does not lose sight from the fact that this is not an end in itself, there is much useful information to be gleaned from steady-state analysis — indeed, one of the prime tools of economics. No doubt, the pervasiveness of the notion of the stationary state in classical economics and the fact that there is so much one can do without invoking powerful mathematics, have also added to its popularity.

Suggested Citation

  • Andreu Mas-Colell, 1989. "Capital Theory Paradoxes: Anything Goes," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Joan Robinson and Modern Economic Theory, chapter 17, pages 505-520, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08633-7_17
    DOI: 10.1007/978-1-349-08633-7_17
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    Citations

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    Cited by:

    1. Heinz D. Kurz, 2017. "Is there a “Ricardian Vice”? And what is its relationship with economic policy ad“vice”?," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 91-114, January.
    2. Gosselin, Pierre & Lotz, Aïleen & Wambst, Marc, 2016. "How To Spend It? Capital Accumulation in a Changing World," MPRA Paper 71665, University Library of Munich, Germany.
    3. Ali Khan, M. & Piazza, Adriana, 2011. "Optimal cyclicity and chaos in the 2-sector RSS model: An anything-goes construction," Journal of Economic Behavior & Organization, Elsevier, vol. 80(3), pages 397-417.
    4. Theodore Mariolis & Lefteris Tsoulfidis, 2018. "Less Is More: Capital Theory And Almost Irregular-Uncontrollable Actual Economies," Contributions to Political Economy, Cambridge Political Economy Society, vol. 37(1), pages 65-88.
    5. Mariolis, Theodore & Tsoulfidis, Lefteris, 2016. "Capital theory: Less is more," MPRA Paper 75923, University Library of Munich, Germany.
    6. Elena G. Irwin, 2010. "New Directions For Urban Economic Models Of Land Use Change: Incorporating Spatial Dynamics And Heterogeneity," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 65-91, February.
    7. Saverio M. Fratini, 2009. "Reswitching and Decreasing Demand for Capital in a Model with a Continuum of Linear Techniques," EERI Research Paper Series EERI_RP_2009_26, Economics and Econometrics Research Institute (EERI), Brussels.
    8. Rath, Kali P. & Yeneng Sun & Shinji Yamashige, 1995. "The nonexistence of symmetric equilibria in anonymous games with compact action spaces," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 331-346.
    9. Heinz Kurz, 2012. "Schumpeter’s new combinations," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 871-899, November.

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