Walrasian Adjustment Rule and the Structure of Time Lag
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概要
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Walras proposed that as a result of free competition, extra profit convergences to zero, and thus enterprisers cannot gain under the Walrasian adjustment rule (named "Dual-Cross adjustment rule" by Morishima) in his book, "Elements". But he could not examine the validity of this proposition rigorously, because he did not have the necessary tools to do so.In this paper, I try to examine his "conjecture" (not a proposition) rigorously in a more general situation (an economy containing the production of producer goods) than did Walras in his own writing. I then attend to the structure of time lag since Walras neglected to address the problem of such a time structure. I will examine how the structure of time lag effects the stability of the Walrasian adjustment rule. Furthermore, I will assume Say's law in Lange-Patinkin's sense. Thus the validity of the above Walras' conjecture will be tested precisely.
- 経済学史学会の論文
経済学史学会 | 論文
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- ハロッドの「経験の原理」と帰納法--ケインズの帰納法と比較して
- 杉原四郎『ミル・マルクス・エンゲルス』世界書院〔含:リプライ〕
- 日本経済思想史研究のこれまでと今 (特集 私の経済学史研究--20世紀の学史研究をふりかえって)
- Shiro Sugihara and Toshihiro Tanaka eds.,Economic Thought and Modernization in Japan,Edward Elgar〔和文,含 リプライ〕