Economics Dictionary of ArgumentsHome
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| Causality: causality is the relation between two (separate) entities, whereby a state change of the one entity causes the state of the other entity to change. Nowadays it is assumed that an energy transfer is crucial for talking about a causal link. D. Hume was the first to consistently deny the observability of cause and effect. (David Hume Eine Untersuchung über den menschlichen Verstand, Hamburg, 1993, p. 95). _____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Economic Theories on Causality - Dictionary of Arguments
Harcourt I 21 Causality/equilibirum/economic theories/Harcourt: (…) to argue that, in equilibrium, the wage rate equals the marginal product of labour is not to argue that one is the cause of the other, or that one determines the other. Moreover, it is abundantly clear from the manner in which Joan Robinson's(1) version of the production function is derived and the constructions which are used, that these are not the points at issue. >Causality/philosophical theories, >Causation, >Equilibrium, >Equations, >Production function, >Joan Robinson, >Capital/Robinson. The neo-Keynesian critics really cannot be sloughed off as neo-Böhm-Bawerkians, spurning, as Stigler [1941](2), p. 18, puts it, 'mutual determination .. . for the older concept of cause and effect'. >Böhm-Bawerk, >Cause, >Effect. An argument that the destruction of the concept of an aggregate production function is not the same thing as destroying the marginal productivity theory of distribution is on safer ground (…), but even then the neoclassical are not yet safe on Jordan's shore (see Garegnani [1970a(3), 1970b(4)], Pasinetti [1969(5), 1970(6)]. 1. Robinson, Joan (1953-4). 'The Production Function and the Theory of Capital', Review of Economic Studies, xxi. 2. Stigler, George J. [1941] Production and Distribution Theories: The Formative Period (New York: Macmillan). 3.Garegnani, P. - [1970a] 'Heterogeneous Capital, the Production Function and the Theory of Distribution', Review of Economic Studies, XXXVII (3), pp. 407-36. 4. Garegnani, P. 1970b] 'A Reply', Review of Economic Studies, XXXVII (3), p. 439. 5. Pasinetti, L. L. [1969] 'Switches of Technique and the "Rate of Return" in Capital Theory', Economic Journal, LXXIX, pp. 508-31. 6. Pasinetti, L. L. [1970] 'Again on Capital Theory and Solow's "Rate of Return" ', Economic Journal, LXXX, pp. 428-31._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Economic Theories Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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