Re: Equilibrium, stasis and death 21 Jan 1994 00:02:30 -0700 from <AISAAC@american.edu>

[Jim Devine <JNDF%LMUACAD.BITNET@xxxxxxxxxxxxxxxxx>]

On Fri, 21 Jan 1994 00:02:30 -0700 Alan G. Isaac said:
>I have not read this. Could you provide a brief formal summary of the
>model that highlights how it explains economic outcomes without
>reference to equilibrium concepts of some sort? Thanks.
>
>On Thu, 20 Jan 1994 12:23:46 -0700 Jim Devine said:
>>how about Kaldor's little
>>book ECONOMICS WITHOUT EQUILIBRIUM (M.E. Sharpe, 1985)?
>>
The book is a series of lectures on different topics and it's
been several years since I read it. I can summarize part of it next
week, but if someone else on the net could do so more easily,
I'd appreciate it.  One point: Kaldor provides no "formal models"
in this book. Rather, he tells somewhat simplified stories of
real-world economic behavior.  I'd call them "models." In fact, I'd
say that most formal models are "simplified stories of the real
world." IMHO, Kaldor's stories are more realistic than most
equilibrium models.  He was, after all, very empirical in his
orientation (being the inventor of the phrase "stylized facts").

in pen-l solidarity,

Jim Devine   BITNET: jndf@lmuacad.   INTERNET: jdevine@xxxxxxxxxxxxxxx
Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA
310/338-2948 (off); 310/202-6546 (hm); FAX: 310/338-1950