Dynamic Economic Theory

Description

This book brings together in a single coherent framework a research programme begun by the author over 40 years ago. The main model around which the analysis is built is Hicksian in character, having been drawn in large part from John Hicks' 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.

'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