Hostname: page-component-78c5997874-s2hrs Total loading time: 0 Render date: 2024-11-19T16:49:26.006Z Has data issue: false hasContentIssue false
  • English
  • Français

Equilibrium and Disequilibrium in Walrasian and Neo-Walrasian Economics

Published online by Cambridge University Press:  11 June 2009

Michel De Vroey
Michel De Vroey
Affiliation:
Université catholique de Louvain, Belgium
Get access Rights & Permissions [Opens in a new window]

Extract

In his 1989 Cambridge doctoral dissertation, The Concept of Equilibrium in Neoclassical Theory, Franco Donzelli observed that, “The history of the neoclassical approach over the last one hundred and twenty years can be interpreted as a history of the relationship between instantaneous and stationary equilibrium models, on the one hand, and of the developments internal to either class of models, on the other” (Donzelli 1989, p. 31).

Type
Research Article
Information
Journal of the History of Economic Thought , Volume 24 , Issue 4 , December 2002 , pp. 405 - 426
Copyright
Copyright © The History of Economics Society 2002

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Barro, Robert and Grossman, Herschel. 1971. “A General Disequilibrium Model of Income and Employment.” American Economic Review 61 (1): 82–93.Google Scholar
Barro, Robert and Grossman, Herschel. 1976. Money, Employment and Inflation. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Begg, David, Fischer, Stanley and Dornbusch, Rudiger. 1997. Economics, 5th edition. London: McGraw-Hill.Google Scholar
Blanchard, Olivier. 1987. “Neoclassical Synthesis.” In Eatwell, John, Milgate, Murray, and Newman, Peter, eds., The New Palgrave: A Dictionary of Economics, vol. 3. London: Macmillan, pp. 634–36.Google Scholar
Bridel, Pascal. 1997. Money and General Equilibrium Theory: From Walras to Pareto (1870–1923). Cheltenham, UK: Edward Elgar.Google Scholar
Currie, Marie and Steedman, Ian. 1990. Wrestling with Time: Problems in Economic Theory. Manchester: Manchester University Press.Google Scholar
De Vroey, Michel. 1998. “Is the Tâtonnement Hypothesis a Good Caricature of Market Forces?” Journal of Economic Methodology 5 (2): 201–21.CrossRefGoogle Scholar
De Vroey, Michel. 1999a. “Equilibrium and Disequilibrium in Economic Theory: A Confrontation of the Classical, Marshallian and Walras-Hicksian Conceptions.” Economics and Philosophy 15 (2): 161–85.CrossRefGoogle Scholar
De Vroey, Michel. 1999b “Transforming Walras into a Marshallian Economist: A Critical Review of Donald Walker's Walras's Market Models.” Journal of the History of Economic Thought 21 (12): 413–35.CrossRefGoogle Scholar
De Vroey, Michel. 2000. “Marshall on Equilibrium and Time: A Reconstruction.” The European Journal of the History of Economic Thought 7 (2): 20–44.CrossRefGoogle Scholar
De Vroey, Michel. 2001a. “Price Rigidity and Market Clearing: A Conceptual Clarification.” Cambridge Journal of Economics 25 (5): 639–56.CrossRefGoogle Scholar
De Vroey, Michel. 2001b “Friedman and Lucas on the Phillips Curve: From a Disequilibrium to an Equilibrium Approach.” Eastern Economic Journal 27 (2): 127–48.Google Scholar
Diewert, W. Erwin. 1978. “Walras's Theory of Capital Formation and the Existence of a Temporary Equilibrium.” In Schwödiauer, G. ed., Equilibrium and Disequilibrium in Economic Theory. Dordrecht: D. Reidel, pp. 73–126.Google Scholar
Donzelli, Franco. 1989. “The Concept of Equilibrium in Neoclassical Economic Theory: An Inquiry into the Evolution of General Competitive Analysis from Walras to the ‘Neo-Walrasian Research Programme’.” Ph.D. Dissertation, University of Cambridge.Google Scholar
Grandmont, Jean-Michel. 1977. “Temporary General Equilibrium Theory.” Econometrica 45 (3): 535–72.CrossRefGoogle Scholar
Grandmont, Jean-Michel. 1987. “Temporary Equilibrium.” In Eatwell, John, Milgate, Murray, and Newman, Peter, eds., The New Palgrave: A Dictionary of Economics, vol. 3. London: Macmillan, pp. 620–23.Google Scholar
Grandmont, Jean-Michel, ed. 1988. Temporary Equilibrium: Selected Readings. Boston: Academic Press.Google Scholar
Hansson, B. A. 1982. The Stockhom School and the Development of Dynamic Method. London: Croom Helm.Google Scholar
Hayek, Friedrich A. 1928. “Intertemporal Price Equilibrium and Movements in the Value of Money.” In Money, Capital and Fluctutations: Early Essays. London: Routledge 1984, pp. 71–117.Google Scholar
Hicks, John R. 1933. “Equilibrium and the Trade Cycle.” In Money, Interest and Wages: Collected Essays on Economic Theory, vol. II. Oxford: Basil Blackwell, 1982.Google Scholar
Hicks, John R. 1946. Value and Capital, 2nd edition. Oxford: Clarendon Press.Google Scholar
Hicks, John R. 1965. Capital and Growth. Oxford: Clarendon Press.Google Scholar
Ingrao, Bruna. 1989. “From Walras's General Equilibrium to Hicks's Temporary Equilibrium.” Recherches économiques de Louvain 55 (4): 365–97.CrossRefGoogle Scholar
Ingrao, Bruna and Israel, Giorgo. 1990. The Invisible Hand: Economic Equilibrium in the History of Science. Cambridge, MA: The MIT Press.Google Scholar
Jaffé, William. 1981. “Another look at Leon Walras's Theory of Tatonnement.” In Walker, Donald A., ed., William Jaffé's Essays on Walras. Cambridge: Cambridge University Press, 1983, pp. 244–66.Google Scholar
King, Robert G. 1993. “Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?” Journal of Economic Perspectives 7 (1): 67–82.CrossRefGoogle Scholar
Kurz, Heinz and Salvadori, Neri. 1995. Theory of Production: A Long-Period Analysis. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Kydland, Finn and Prescott, Edward. 1982. “Time to Build and Aggregate Fluctuations.” Econometrica 50 (11): 1345–69.CrossRefGoogle Scholar
Laidler, David 1996. “Wage and Price Stickiness in Macroeconomics: Historical Perspective.” In Forrest, C. and Wood, G., eds., Monetary Theories in the 1930s: The Henry Thornton Lectures. London: Macmillan, pp. 92–121.Google Scholar
Laidler, David. 1999. Fabricating the Keynesian Revolution: Studies of the Inter-war Literature on Money, the Cycle and Unemployment. Cambridge: Cambridge University Press.Google Scholar
Lindahl, Erik. 1939. Studies in the Theory of Money and Capital. New York, NY: Augustus M. Kelley, 1970.Google Scholar
Lucas, Robert. E. Jr. 1972. “Expectations and the Neutrality of Money.” In Studies in Business Cycle Theory, Cambridge, MA: MIT Press, 1981, pp. 65–89.Google Scholar
Lucas, Robert. 1975. “An Equilibrium Model of the Business Cycle.” In Studies in Business Cycle Theory, Cambridge, MA: MIT Press, 1981, pp. 179–213.Google Scholar
Lucas, Robert. 1981. Studies in Business Cycle Theory. Cambridge, MA: The MIT Press.Google Scholar
Lucas, Robert. 1987. Models of Business Cycles. Oxford: Basil Blackwell.Google Scholar
Lucas, Robert. E. Jr. and Sargent, Thomas. 1978. “After Keynesian Macroeconomics.” In After the Phillips Curve: Persistence of High Inlation and High Unemployment. The Federal Reserve Bank of Boston Conference Series, pp. 49–72.Google Scholar
Malinvaud, Edmond. 1984. Mass Unemployment. Oxford: Basil Blackwell.Google Scholar
Mankiw, N. Gregory. 1997. Macroeconomics. New York: Worth Publishers.Google Scholar
Marshall, A. 1920. Principles of Economics, 8th edition. London: Macmillan.Google Scholar
Milgate, Murray. 1979. “On the Origin of the Notion of ‘Intertemporal Equilibrium’.” Economica 46 (1): 1–10.CrossRefGoogle Scholar
Panico, Carlo and Petri, Fabio. 1987. “Long-run and Short-run.” In Eatwell, John, Milgate, Murray, and Newman, Peter, eds., The New Palgrave: A Dictionary of Economics, vol. 3. London: Macmillan, pp. 238–40.Google Scholar
Patinkin, Don. 1965. Money, Interest and Prices. New York: Harper and Row.Google Scholar
Patinkin, Don. 1987. “Keynes, John Maynard.” In Eatwell, John, Milgate, Murray, and Newman, Peter, eds., The New Palgrave: A Dictionary of Economics, vol. 3. London: Macmillan, pp. 19–41.Google Scholar
Radner, Roy. 1991. “Intertemporal General Equilibrium.” In Lionel, McKenzie and Zamagni, Stefano, eds., Value and Capital: Fifty Years Later. London: MacMillan, pp. 423–60.CrossRefGoogle Scholar
Snowdon, Brian and Vane, Howard R.. 1998. “Transforming Macroeconomics: An Interview with Robert E Lucas, Jr.” Journal of Economic Methodology 5 (1): 115–45.CrossRefGoogle Scholar
Tobin, James. 1972. “Inflation and Unemployment.” American Economic Review 62 (1): 1–19.Google Scholar
Van Wittenloostuijn, A. and Maks, J. A. H.. 1989. “Walras: A Hicksian avant la lettre” Economie Appliquée 41: 596–608.Google Scholar
Van Wittenloostuijn, A. and Maks, J. A. H.. 1990. “Walras on Temporary Equilibrium and Dynamics.” History of Political Economy 22 (2): 223–37.CrossRefGoogle Scholar
Walker, Donald. 1987. “Walras's Theory of Tatonnement.” Journal of Political Economy 95 (4): 758–74.CrossRefGoogle Scholar
Van Wittenloostuijn, A. and Maks, J. A. H.. 1996. Walras's Market Models. Cambridge: Cambridge University Press.Google Scholar
Walras, Léon. 1954. Elements of Pure Economics, translated by Jane, W.. London: Allen and Unwin.Google Scholar
Zappia, Carlo. 2001. “Equilibrium and Disequilibrium Dynamics in the 1930s.” The Journal of the History of Economic Thought 23 (1): 55–75.CrossRefGoogle Scholar