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Implications of Path Determinacy and the Traverse on Equilibrium Analysis
ECON3119 - Political Economy of Capitalism
3 Pages • Essays / Projects • Year: Pre-2021
Study of equilibria is at the centrality of economics, and the study of forces that lead it to, or deviate it from perfect equilibrium have been challenged by economic theorists. Since Traverse can be defined as the movement of the economy outside of equilibrium (N. Hart et al, 2012), modern economists such as Hicks and Lowe contend that the direction of the economy is influenced by such factors, forming a determined path that ultimately influences economic values. This is contrasted against the view that an economy is always on a dynamic path perpetuated by Kalecki, therefore damaging to static comparative equilibrium analysis.
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