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Walras' law in the context of pre-analytic visions: a note
[working paper]
Corporate Editor
Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
Abstract Walras' law is central to the formation of economic theory. For mainstream economics, it is a device for testing rigorousness and consistency of model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes’ revolutionary contribution to a new economic paradi... view more
Walras' law is central to the formation of economic theory. For mainstream economics, it is a device for testing rigorousness and consistency of model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes’ revolutionary contribution to a new economic paradigm. The purpose of this short research note is to elaborate on the possibility of a refutation of Walras' law and to inquire into its preconditions. It will be argued that this can only be achieved on the basis of an alternative pre-analytic vision of a genuine monetary economy as forshadowed by John Maynard Keynes.... view less
Keywords
economy; equilibrium; equilibrium model; theoretical economics; Keynes, J.; monetary economy; economics
Classification
Basic Research, General Concepts and History of Economics
National Economy
Free Keywords
Walras, L.; Walras' law; disequilibrium; heterodoxy; orthodoxy
Document language
English
Publication Year
2016
City
Hamburg
Page/Pages
12 p.
Series
ZÖSS Discussion Paper, 54
ISSN
1868-4947
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications