Abstract
Between the middle nineteen-twenties and the fresh outbreak of war, economic theory was transformed from its foundations. The half-century from 1870 had left in being an edifice whose symmetry, simplicity and seeming inclusiveness had gained it an unquestioned ascendancy over the liberal world. The prices, in terms of a numéraire, of all products and all means of production, the weekly quantity brought to market, and the equal quantity carried off from the market, of each product and each means, the consequent total of incomes of the suppliers of means of production, the total value, in terms of the numéraire, of everything produced in a week, and the crowning and clinching of the whole structure by a proof that those two totals, of incomes and the value of products, each total separately arrived at, were equal: all these things are shown to flow from the nature of human desires and the interaction of their resources. The conception as a whole was the Theory of General Competitive Equilibrium. It seemed by its sheer completeness and its singleness of method to be unassailable. Yet by 1926 there had begun the first of three assaults, in two of which Harrod had a central part to play.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
Notes
P. Sraffa, ‘The Laws of Returns under Competitive Conditions’ Economic Journal vol 36, December 1926, pp. 535–550.
This dilemma, so called by Marshall (Principles, eighth edition, foot-note to p. 459), has been noted by Cournot in 1838.
R. F. Harrod, ‘Notes on Supply’, Economic Journal, vol 40, June 1930, pp. 232–41.
A. Cournot, Recherches sur les principes mathématiques de la théorie des richesses 1838.
Editor information
Copyright information
© 1988 G. L. S. Shackle
About this chapter
Cite this chapter
Frowen, S.F. (1988). Harrod as Economist. In: Frowen, S.F. (eds) Business, Time and Thought. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08100-4_6
Download citation
DOI: https://doi.org/10.1007/978-1-349-08100-4_6
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-08102-8
Online ISBN: 978-1-349-08100-4
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)