Roy Harrod and Traditional Theory
Details
Serval ID
serval:BIB_E8BB86A2C6A6
Type
Article: article from journal or magazin.
Collection
Publications
Institution
Title
Roy Harrod and Traditional Theory
Journal
European Journal for the History of Economic Thought
Publication state
Published
Issued date
1997
Peer-reviewed
Oui
Volume
4
Number
1
Pages
92-115
Language
english
Abstract
In 1926 and 1936 Sraff and Keynes attacked the methodological core of traditional economic theory by showing that the premises of partial equilibrium analysis were mutually inconsistent.
this paper aims to show that Harrod neglected Sraffa and Keynes's logical arguments, and only admitted that the tacit assumptions under discussion restricted the domain of validityof the theory to special cases: perfect competition and statics. He then proceeded to generalize the theory to imperfect competition and dynamics by applying the principles (but not the instruments) of traditional analysis. The definition of these domains thus aimede at rescuing as mush as possible from the orthodox approach.
this paper aims to show that Harrod neglected Sraffa and Keynes's logical arguments, and only admitted that the tacit assumptions under discussion restricted the domain of validityof the theory to special cases: perfect competition and statics. He then proceeded to generalize the theory to imperfect competition and dynamics by applying the principles (but not the instruments) of traditional analysis. The definition of these domains thus aimede at rescuing as mush as possible from the orthodox approach.
Create date
10/11/2009 17:32
Last modification date
20/08/2019 16:11