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Disequilibrium Economic Dynamics: A Post-Schumpeterian Contribution

Author

Listed:
  • Day, Richard A.

    (Research Institute of Industrial Economics (IFN))

Abstract

Adaptive economizing in a decentralized economy with alternative technologies and scarce resources leads to various kinds of locally unstable behavior. Economic disequilibrium is the rule in such a world and requires the presence of market mechanisms that make possible continued viability. If in addition to local instability economies are also globally unstable, as considerable evidence suggests, then the discovery and application of new structure is essential. A complete dynamic theory of economic change must therefore be based not only on conventional rationality and routinely adapting behavior but on a superior faculty which may perhaps best be called creative intelligence.

Suggested Citation

  • Day, Richard A., 1983. "Disequilibrium Economic Dynamics: A Post-Schumpeterian Contribution," Working Paper Series 111, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:0111
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    File URL: https://www.ifn.se/wfiles/wp/wp111.pdf
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    References listed on IDEAS

    as
    1. Clower, Robert W & Howitt, Peter W, 1978. "The Transactions Theory of the Demand for Money: A Reconsideration," Journal of Political Economy, University of Chicago Press, vol. 86(3), pages 449-466, June.
    2. Clower, Robert & Leijonhufvud, Axel, 1975. "The Coordination of Economic Activities: A Keynesian Perspective," American Economic Review, American Economic Association, vol. 65(2), pages 182-188, May.
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    Cited by:

    1. Kerr. William Alexander, 2022. "he Rules of Trade in the Face of Long Running Disequilibrium," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 23(01), June.

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    More about this item

    Keywords

    Disequilibrium;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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