Đang chuẩn bị liên kết để tải về tài liệu:
History of Economic Analysis part 104

Không đóng trình duyệt đến khi xuất hiện nút TẢI XUỐNG Tải xuống

History of Economic Analysis part 104. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 992 so easily redirected at a moment s notice we cannot help thinking of them all the same. Under these conditions the practical value of the final result at which we arrive nevertheless is no doubt much reduced. It reads both for a numéraire and for a money economy Walras system of the economic process is determined and stable though he did not quite succeed in proving this rigorously for a process which is stationary except for positive or negative investment on traditional lines it is hitchless in the sense defined above and full employment of resources is in fact one of its properties conclusions other than these can be arrived at only by introducing hypotheses at variance with those of Walras.72 If in the last analysis Walras system is perhaps nothing but a huge research program it still is owing to its intellectual quality the basis of practically all the best work of our own time. 8. THE PRODUCTION FUNCTION All that remains to be said about the period s work on the higher levels of theoretical analysis may be grouped conveniently around the two sets of data that were the two pillars of the classical temple of 1900 the given tastes of consumers and the given technological possibilities within the horizon of producers. The former topic will be dealt with in the appendix to this chapter the latter best fits in here. In both cases we shall be only supplementing what for a lower level of analytic rigor we have already learned before. In both 72 This may be illustrated by the question of the possibility of underemployment of labor in equilibrium that has played so conspicuous a role in the Keynesian controversy. In the Walrasian system such underemployment is possible only if the Walrasian supply conditions of labor are replaced by the hypothesis that wage rates are rigid downwards at a figure higher than the Walrasian equilibrium figure. But we may add the further hypothesis that if rigidity be removed the fall in wages that would .