Skip to main content Accessibility help
×
Hostname: page-component-84b7d79bbc-5lx2p Total loading time: 0 Render date: 2024-07-31T06:32:26.392Z Has data issue: false hasContentIssue false

3 - The foundations of Samuelson's dynamics

from Part I - From dynamics to stability

Published online by Cambridge University Press:  04 August 2010

E. Roy Weintraub
Affiliation:
Duke University, North Carolina
Get access

Summary

The origins of a work like Samuelson's Foundations of Economic Analysis (1947) are of some interest, beyond a search for precursors, for the light they can shed on problems that the work raises; some problems of the later literature that grew out of the work are otherwise obscure without a reader's comprehension of the context of the original contribution. The Foundations, which set out the issues of statics and dynamics and equilibrium in economic theory, creates some special concerns. For example, the theory of stability of economic equilibria appears to have been generated by that work, but the line of such work had thinned out by the late 1950s. In terms created by the philosopher Imre Lakatos, the sequence of papers on the stability of a competitive equilibrium might be considered a scientific research program that was progressive during the 1940s and early 1950s, but degenerated after that time. If so, then a reexamination of the prehardened state of the program, before Samuelson's Foundations, might suggest the reasons for the degeneration. Alternatively, certain features of the theory set out in the Foundations, particularly its mathematical structure, have shaped the ways in which economists and their audiences have interpreted experience or created the terms and observations of that experience itself. Is unemployment an equilibrium or disequilibrium phenomenon? This question has implications for policy as well as cognition, but the associations of “equilibrium” and “instability” are, for modern economists, the associations and ways of experiencing that are consistent with the mathematical theory laid out in the Foundations.

Type
Chapter
Information
Stabilizing Dynamics
Constructing Economic Knowledge
, pp. 39 - 67
Publisher: Cambridge University Press
Print publication year: 1991

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×