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12/2009

DEPFID Working Paper 12 / 2009 - Abstract

Economic Dynamics as a Succession of Equilibria: The Path Travelled by Morishima

Massimo Di Matteo

 

In the paper I bring to the attention of the economists and historians of economic thought the idea of economic dynamics that one can found in the first book by Morishima published in 1950 but totally overlooked. It has a great interest not only because there it appears for the first time the application of new mathematical concepts ("structural stability") but also because he pursues a way of dynamizing general equilibrium theory that has been neglected in the postwar developments that appears to have been inspired by Samuelson. The paper has three parts. In the first and second parts I outline the development of economic dynamics and its applications to general equilibrium elaborated by Morishima; in the third part a comparison between the prevailing idea of economic dynamics as originally put forward by Samuelson and that elaborated by Morishima is developed and discussed.

JEL Classification: B31; B21; B49

Keywords: dynamic general equilibrium; comparative statics and dynamics; dynamic and structural stability

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