This chapter deals with the contributions of Hayek and Lindahl to the development of a dynamic theory. The two authors first made a point which was innovative in the late 1920s and early 1930s, when reference to stationary conditions was dominant. The point was that equilibrium analysis could be meaningful only if it included the role played by individual agents’ expectations about an uncertain future; introducing the notion of intertemporal and temporary equilibrium would serve this purpose. While Lindahl’s approach to disequilibrium may appear more remarkable than Hayek’s discussion of how order may emerge, Hayek’s main point was that a sound analysis of disequilibrium adjustment could not be provided until the processes through which knowledge was acquired and communicated were fully understood.
Scheda prodotto non validato
Scheda prodotto in fase di analisi da parte dello staff di validazione
|Titolo:||Hayek and Lindahl on disequilibrium dynamics|
|Citazione:||Zappia, C. (2004). Hayek and Lindahl on disequilibrium dynamics. In Evolution of the Market Process: Austrian and Swedish Economists (pp. 213-229). LONDON : Routledge.|
|Appare nelle tipologie:||2.1 Contributo in volume (Capitolo o Saggio)|