Dynamic Economic Theory

This book devolops multi-sector general equilibrium theory in the tradition of Hicks's Value and Capital.

Michio Morishima (Author)

9780521118880, Cambridge University Press

Paperback, published 3 September 2009

336 pages
22.9 x 15.2 x 1.9 cm, 0.49 kg

'Dynamic Economic Theory is largely a retrospective commentary on the development of this strand of economics over the last half-century. It can be read in isolation from the author's other books, though its significance becomes more transparent when these are taken into account. In this context, Morishima has added another important element to the corpus of his many contributions to economic analysis.' R. E. Bailey, The Economic Journal

This book brings together in a single coherent framework a research programme begun by the author in the forties. The main model around which the analysis is built is Hicksian in character, having been drawn in large part from John Hicks's Value and Capital. The model is extended so as to include money and securities. In respect of the theory of the firm the model focuses on demand and supply plans, on inputs and outputs, on inventories, and on dependencies between them. The stability of temporary equilibrium is discussed for linear and non-linear cases. Because the concept of structural stability is important for understanding non-linear cases, it is defined and applied to the case of economic motion generated from the temporary equilibrium analysis. The addenda focus on developments in economic theory following the publication of the main model.

1. The method of economic analysis
2. Households' and firms' economic behaviour
3. Stability conditions for temporary equilibrium: the linear case
4. Stability conditions for temporary equilibrium: the non-linear case
5. Comparative dynamics
Appendices
Mathematical notes.

Subject Areas: Economic theory & philosophy [KCA]