János Kornai’s Anti-Equilibrium, a harbinger of evolutionary economics

Mihalyi, Peter (2013) János Kornai’s Anti-Equilibrium, a harbinger of evolutionary economics. Acta Oeconomica, 63 (3). pp. 367-375. ISSN 0001-6373

Text aoecon.63.2013.3.6.pdf Restricted to Repository staff only until 30 September 2033. Download (66kB)

Abstract

Anti-Equilibrium (1971) was well ahead of its time in emphasising that (i) economics should draw from biology, rather than physics, as its methodological underpinning; (ii) evolutionary logic requires a different type of decision-making in simple, routine matters, as opposed to large and important decisions; (iii) the most important production processes are non-linear, with increasing returns to scale being the rule, rather than the exception in modern capitalist economies and — in conclusion — that there is no such thing as general equilibrium. In modern societies, goods and services are either in shortage (Socialism) or in a state of oversupply (Capitalism). It is either a buyers’ market or sellers’ market.

Actions (login required)

Edit Item