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• W2339949327 abstract "paper was originally written in Danish as part of a planned book which found no publisher. Readers of present abstract who cannot read Danish may find some quotations given in English in Danish text, so it may be useful to give references to page numbers in that text in present abstract. aim of A Criticism of of has been to argue that said is no model of any actual economic process. It simply states a number of mathematical assumptions sufficient to construct a model of a logically possible perfect market, but these assumptions are not only false as a description of actual economic systems, but as argued in paper could at most be realised in a very small economic system or market. author has felt so astonished by views expressed in Joseph Schumpeter's History of Economic Analysis, and by views of economic authors such as Paul Samuelson and Robert Solow, and so convinced that they express a lack of real understanding of Keynesian views on part of these famous economists, that he found it worthwhile to exhibit these weaknesses of so-called neo-neo-classical economic as strongly as possible. Keynesianism is incompatible with neo-classical theory based on economic model due to Leon Walras. To demonstrate truth of this statement growth models by Roy Harrod representing Keynesian and by Robert Solow representing neo-classical point of view are compared and shown to be based on radically different assumptions. Also IS-LM-model by John Hicks, as supported by Alvin Hansen, is shown to be un-Keynesian. In connection with these issues an attempt is made to replace concept of equilibrium as defined by temporal stationarity by a concept of logical determination. title of text in Danish translates as already mentioned as A Criticism of Equilibrium Model. logic of this model is sketched on first page as a distribution of provisions procured by breadwinners of some primitive tribe. Such a distribution m ay be described by a model mathematically similar to that used by Baumol and Oates in their The of Environmental Policy (1975, 1988). But it is irrelevant in context of actual modern markets, i.e. to Economic Policy. Leon Walras is usually regarded as original author of this model in its present form. enthusiastic evaluation by Schumpeter of this model in his History of Economic Analysis (posthumous edition 1954) is illustrated by quotations on pages 42-43 of Danish text. I claim that Schumpeter's evaluation is misleading. On pages 44 et seq. assessment of Keynesianism by Schumpeter in 1936 based on his review of Keynes's General Theory is described and also analysed as expression of a lack of understanding. positive evaluation of Keynesian views by present author has also been inspiration of his criticism of American economists such as Paul Samuelson and Robert Solow. On pages 55-62 it is shown that Robert Solow's criticism of Roy Harrod's growth model is due to a completely mistaken view of aim of that model. On pages 66-71 a similar criticism is given of John Hick's ISLM-model and Alvin Hansen's defence of this model in his A Guide (sic!) to It would be very naive to deny that use in practice of the Keynesian recipe in order to solve problem of full employment (in itself a loose concept) is difficult, but Milton Friedman's criticism of the Phillips Curve (which is not Keynesian) does not hit mark, as I think is shown by my arguments on pages 89-94. Involuntary unemployment is a real phenomenon, and Friedman's claim that unemployed workers will not seek employment, unless current wages are increased, goes against a fundamental Keynesian assumption. This assumption is based on an institutional fact. But economic assumptions must be based on institutional facts in order to be relevant in real world. Economic problems are not solved by mathematics, but by ability to diagnose shortcomings of economic systems and rational measures to abolish them. To determine such measures should be real aim of economic science as it was to John Maynard Keynes. concluding text of paper on pages 94-105 supports present author's own views by references to books by Nicholas Georgescu-Roegen and a recent book by German author Karl-Heinz Brodbeck. Interested readers of this Abstract who cannot read Danish may also form some ideas of contents by perusal of References concluding Danish text since most of literature used is in English or German." @default.
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• W2339949327 date "2003-05-19" @default.
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• W2339949327 title "A Criticism of the Theory of General Equilibrium" @default.
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