Advertisement

Roy Harrod pp 215-257 | Cite as

Statics, Dynamics, and the History of Economic Thought

  • Esteban Pérez CaldenteyEmail author
Chapter
Part of the Great Thinkers in Economics book series (GTE)

Abstract

Roy Harrod thought that his work contributed to affecting a second revolution in economic theory consisting in the substitution of a dynamic theoretical system in place of a static one. He believed that economics could and should be separated into two branches statics and dynamics and that this dichotomy should be the analogue to one existing in classical mechanics. For Harrod, statics and dynamics were a part and parcel of classical economics. With the advent of the Marginalist Revolution in the late nineteenth century, dynamics was excluded from the corpus of economic theory. From then onward, economic theory dedicated its efforts to complete and perfect the static method. The dominance of statics over dynamics also permeated the intertemporal equilibrium approach to economics epitomized in the works of Hayek and Hicks. The Keynesian Revolution did not represent a break with the previous theories. It rather completed and perfected the principles of economic statics and in particular the macro-statics theoretical edifice.

References

  1. Besomi, D. (1999). The Making of Harrod’s Dynamics. New York: St. Martin’s Press.CrossRefGoogle Scholar
  2. Currie, M., & Steedman, I. (1990). Wrestling with Time. Ann Arbor: Michigan Press.Google Scholar
  3. Debreu, G. (1959). Theory of Value. Chelsea: Book Crafters.Google Scholar
  4. Durbin, E. F. M. (1933). Money and Prices in What Everyone Wants to Know About Money. In G. H. Cole (Ed.) (pp. 314–345). London: Victor Gollancz.Google Scholar
  5. Durbin, E. F. M. (1935). The Problem of Credit Policy. London: Chapman & Hall.Google Scholar
  6. Eatwell, J. (2011). The Theory of Value and the Foundations of Economic Policy: In Memoriam Pierangelo Garegnani. Contributions to Political Economy, 31, 1–18.CrossRefGoogle Scholar
  7. Eatwell, J., & Milgate, M. (1983). Keynes’s Economics and the Theory of Value and Distribution. New York: Oxford University Press.Google Scholar
  8. Edgeworth, F. Y. (1967 [1881]). Mathematical Psychics. New York: Kelley Publishers.Google Scholar
  9. Fisher, I. (1985 [1911]). The Purchasing Power of Money. New York: Kelley Publishers.Google Scholar
  10. Fisher, I. (1991 [1892]). The Theory of Value and Prices. New York: Kelley Publishers.Google Scholar
  11. Garegnani, P. (1984). Value and Distribution in the Classical Economists and Marx. Oxfrod Economic Papers, 36, 291–325.Google Scholar
  12. Garegnani, P. (1987). Surplus Approach to Value and Distribution. In J. Eatwell, M. Milgate, & P. Newman (Eds.), The New Palgrave Dictionary of Economics (Vol. 4, pp. 560–574). New York: The Macmillan Press Limited.Google Scholar
  13. Green, R. (1992). Classical Theories of Money, Output and Inflation. New York: St. Martin’s Press.Google Scholar
  14. Hamouda, O. F. (1993). John R. Hicks. Cambridge: Blackwell.Google Scholar
  15. Harrod, R. F. (1934a, August). The Expansion of Credit in an Advancing Community. Economica (New Series), 1. Reprinted in R. F. Harrod (1952), pp. 221–236.Google Scholar
  16. Harrod, R. F. (1934b, November). Mr. Harrod and the Expansion of Credit: Rejoinder to Mr. Robertson. Economica (New Series), 1(4), 476–478.Google Scholar
  17. Harrod, R. F. (1935, December). The Problem of Credit Policy by E.F.M. Durbin. The Economic Journal, 45(180), 725–729.CrossRefGoogle Scholar
  18. Harrod, R. F. (1936a, January). Mr. Keynes and Traditional Theory. Econometrica, 5(1), 74–86.CrossRefGoogle Scholar
  19. Harrod, R. F. (1936b). The Trade Cycle. Oxford: Clarendon Press.Google Scholar
  20. Harrod, R. F. (1936c). Review of the Problem of Credit Policy by E.F.M. Durbin. The Economic Journal, 45(180), 725–729.CrossRefGoogle Scholar
  21. Harrod, R. F. (1937, August). Review of Lundberg’s Studies in the Theory of Economic Expansion. ZFN, 8.Google Scholar
  22. Harrod, R. F. (1938). Scope and Method of Economics. The Economic Journal, 48(191), 383–412.CrossRefGoogle Scholar
  23. Harrod, R. F. (1939a). An Essay in Dynamic Theory. The Economic Journal, 49(193), 14–33.CrossRefGoogle Scholar
  24. Harrod, R. F. (1939b). Review of Hicks’ Value and Capital. The Economic Journal, 49(2), 294–300.CrossRefGoogle Scholar
  25. Harrod, R. F. (1948a). Towards a Dynamic Economics. London: Macmillan.Google Scholar
  26. Harrod, R. F. (1948b). Keynes the Economist. In Seymour Harris (Ed.), The New Economics (pp. 65–72). New York: Alfred A. Knopf.Google Scholar
  27. Harrod, R. F. (1951a, June). Notes on the Trade Cycle. The Economic Journal, 61(42), 261–275.CrossRefGoogle Scholar
  28. Harrod, R. F. (1951b). The Life of John Maynard Keynes. London: Macmillan.Google Scholar
  29. Harrod, R. F. (1952). Economic Essays. London: Macmillan.Google Scholar
  30. Harrod, R. F. (1956, June). Walras: A Re-appraisal. The Economic Journal, 66(262), 307–316.CrossRefGoogle Scholar
  31. Harrod, R. F. (1960). Second Essay in Dynamic Theory. Economic Journal, 70(278), 277–293.CrossRefGoogle Scholar
  32. Harrod, R. F. (1961). Topical Comment: Essays in Dynamic Economics Applied. New York: St. Martin’s Press.Google Scholar
  33. Harrod, R. F. (1963). Themes in Dynamic Theory. The Economic Journal, 73(29), 401–421.CrossRefGoogle Scholar
  34. Harrod, R. F. (1964 [1963]). Retrospect of Keynes. In R. Lekachman (Ed.), Keynes’ General Theory: Reports of Three Decades (pp. 139–152). New York: St. Martin’s Press and Macmillan.Google Scholar
  35. Harrod, R. F. (1969). Money. New York: St. Martin’s Press.Google Scholar
  36. Harrod, R. F. (1970, July–August). Reassessment of Keynes’s Views on Money. Journal of Political Economy, 78(4), Part 1, 617–625.CrossRefGoogle Scholar
  37. Harrod, R. F. (1971). Sociology, Morals & Mystery. New York: Macmillan.CrossRefGoogle Scholar
  38. Harrod, R. F. (1972). Economic Essays (2nd ed.). New York: St. Martin’s Press.Google Scholar
  39. Harrod, R. F. (1973). Economic Dynamics. New York: St. Martin’s Press.Google Scholar
  40. Harrod, R. F. (1974). Pure Theory of Growth Economics. Zeitschrift für Nationalökonomie, 34, 241–247.CrossRefGoogle Scholar
  41. Hayek, F. A. (1966 [1933]). Monetary Theory and the Trade Cycle. New York: Kelley Publishers.Google Scholar
  42. Hayek, F. A. (1967 [1931]). Prices and Production. New York: Kelley Publishers.Google Scholar
  43. Hayek, F. A. (1992 [1934]). Carl Menger 1840–1921. In P. G. Klein (Ed.), The Fortunes of Liberalism (pp. 61–107). The Collected Works of F. A. Hayek. New York: Routledge.Google Scholar
  44. Hayek, F. A. (1999 [1928]). Intertemporal Price Equilibrium and Movements in the Value of Money. In S. Kresge (Ed.), The Collected Works of F.A. Hayek (Vol. 5, pp. 186–227). Chicago: Chicago University Press.Google Scholar
  45. Hayek F. A. (1999 [1933]). On Neutral Money. In S. Kresge (Ed.), The Collected Works of F.A. Hayek. Good Money. Part I. The New World (Vol. 5, pp. 228–231). Chicago: Chicago University Press.Google Scholar
  46. Hicks, J. R. (1939). Value and Capital. Oxford: Clarendon Press.Google Scholar
  47. Hicks, J. R. (1948). The Theory of Wages. New York: Peter Smith.Google Scholar
  48. Hicks, J. R. (1982a [1933]). Wages and Interest: The Dynamic Problem. Reprinted in John Hicks. Money, Interest and Wages (pp. 64–79). Cambridge: Harvard University Press.Google Scholar
  49. Hicks, J. R. (1982b [1933]). Equilibrium and the Cycle. Reprinted in John Hicks. Money, Interest and Wages (pp. 28–41). Cambridge: Harvard University Press.Google Scholar
  50. Howey, R. S. (1989 [1960]). The Rise of the Marginal Utility School: 1870–1889. Kansas City: University of Kansas Press.Google Scholar
  51. Jaffé, W. (1980, June). Walras’s Economics as Others See It. Journal of Economic Literature, 18(2), 528–549.Google Scholar
  52. Kalecki, M. (1982 [1936]). Some Remarks on Keynes’ Theory in Targetti, F. and Kinda-Hass, B. Kalecki’s Review of Keynes’ General Theory. Australian Economic Papers, 21(39), 244–260.Google Scholar
  53. Keynes, J. M. (1964 [1936]). The General Theory of Employment, Interest, and Money. New York: HBJ Publishers.Google Scholar
  54. Keynes, J. M. (1971 [1930]). The Collected Writings of John Maynard Keynes. Vols. V and VI. A Treatise on Money. New York: St. Martin’s Press.Google Scholar
  55. Keynes, J. M. (1973). The Collected Writings of John Maynard Keynes, Vol. XIV: The General Theory and After—Part II. Defense and Development. New York: Cambridge University Press.Google Scholar
  56. Klausinger, H. (2012). Introduction. In H. Klausinger (Ed.), The Collected Works of F.A. Hayek Vol. 7 (pp. 1–45). Chicago: Chicago University Press.Google Scholar
  57. Knight, F. (1921). Risk, Uncertainty and Profit. Boston, MA: Houghton Mifflin.Google Scholar
  58. Kregel, J. (1980). Economic Dynamics and the Theory of Steady Growth: An Historical Essay on Harrod’s ‘Knife-Edge’. History of Political Economy, 12(1), 97–121.CrossRefGoogle Scholar
  59. Kresge, S. (1999). Introduction. In S. Kresge (Ed.), The Collected Works of F.A. Hayek Vol. 5 (pp. 1–38). Chicago: Chicago University Press.Google Scholar
  60. Lindahl, E. (1970 [1939]). Studies in the Theory of Money and Capital. New York: Kelley Publishers.Google Scholar
  61. Marshall, A. (1898, March). Distribution and Exchange. The Economic Journal, 8(29), 37–59.CrossRefGoogle Scholar
  62. Marshall, A. (1982 [1920]). Principles of Economics. Pennsylvania: Porcupine Press.Google Scholar
  63. Milgate, M. (1982). Capital and Employment. New York: Academic Press.Google Scholar
  64. Mill, J. S. (1904 and 1905). Principles of Political Economy: Vols. I and II. New York: J.A. Hill and Company.Google Scholar
  65. Mill, J. S. (2011). A System of Logic, Ratiocinative and Inductive: Being a Connected View of the Principles of Evidence, and the Methods of Scientific Investigation. Cambridge: Cambridge University Press.Google Scholar
  66. Morishima, M. (1977). Walras’ Economics: A Pure Thoery of Capital and Money. Cambridge and New York: Cambridge University Press.Google Scholar
  67. Newman, P. (1960). The Erosion of Marshall’s Theory of Value. Quarterly Journal of Economics, 74, 587–600.CrossRefGoogle Scholar
  68. O’Donnell R. (1990). Adam Smith’s Theory of Value and Distribution. New York: St. Martin’s Press.Google Scholar
  69. Robbins, L. (1984 [1932]). The Nature and Significance of Economic Science. New York: New York University Press.Google Scholar
  70. Robertson, D. H. (1934, November). Mr. Harrod and the Expansion of Credit. Economica (New Series), 1(4), 473–475.CrossRefGoogle Scholar
  71. Robertson, D. H. (1989 [1926]). Banking Policy and the Price Level. New York: Kelley Publishers.Google Scholar
  72. Roll, E. (1923). A History of Economic Thought. London: Faber and Faber Ltd.Google Scholar
  73. Roncaglia, A. (1977). Petty. The Origins of Political Economy. New York: M.E. Sharpe, Inc.Google Scholar
  74. Roncaglia, A. (2009). Piero Sraffa. New York: Palgrave Macmillan.CrossRefGoogle Scholar
  75. Sardoni, C., & Kriesler, P. (2005 [1999]). Keynes, Post-Keynesianism and Political Economy. New York: Routledge.Google Scholar
  76. Say, J. B. (2011 [1803]). Traité D’Economie Politique. Paris: Institut Coppet.Google Scholar
  77. Schumpeter, J. A. (1946, September). John Maynard Keynes 1883–1946. The American Economic Review, 36(4), 495–518.Google Scholar
  78. Schumpeter, J. A. (1986 [1954]). History of Economic Analysis. New York: Oxford University Press.Google Scholar
  79. Smith, A. (1976 [1776]). Origins and Causes of the Wealth of Nations. Chicago: Chicago University Press.Google Scholar
  80. Sraffa, P. (1930). ‘A Criticism’ and ‘A Rejoinder’. In Symposium on Increasing Returns and The Representative Firm. The Economic Journal, 40, 89–93.Google Scholar
  81. Tinbergen, J. (1932). Ein Problem der Dynamik. Zeitschrift für Nationalökonomie.Google Scholar
  82. Walras, L. (1954). Elements of Pure Economics. London: George Allen and Unwin. Ltd.Google Scholar
  83. Whitaker, J. (1987). Marshall Alfred. In J. Eatwell, M. Milgate, & P. Newman (Eds.), The New Palgrave: A Dictionary of Economics (Vol. III, pp. 350–363). London: Macmillan.Google Scholar
  84. Young, W. (1987). Interpreting Mr. Keynes: The IS-LM Enigma. Oxford: Polity Press.Google Scholar
  85. Young, W. (1989). Harrod and His Trade Cycle Group. New York: New York University Press.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.SantiagoChile

Personalised recommendations