Hicksian Visions and Vignettes on (Non-Linear) Trade Cycle Theories
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Date
2004Author
Velupillai, Vela.
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Velupillai, V., (2004) "Hicksian Visions and Vignettes on (Non-Linear) Trade Cycle Theories" (Working Paper No. 0082) Department of Economics, National University of Ireland, Galway.
Abstract
Hicks theorized about the trade cycle, from many perspectives,
over the whole span of his long, fertile and distinguished profes-
sional life. Beginning with thoughts on an equilibrium approach
to the problem of the trade cycle in the early 30s, traversing1 those
disequilibrium workhorses of macrodynamics, IS-LM and Multiplier-
Accelerator models, he returned, in hunted hare fashion, to a Robert-
sonian starting point. In this paper I attempt to construct a math-
ematical tapestry of some of these Hicksian visions and vignettes,
concentrating on (non-linear) trade cycle theories. I suggest that
there are still pearls of analytical wisdom, on the non-linear dynam-
ics of trade cycle theory, to be extracted from A Contribution to the
Theory of the Trade Cycle (CTTC). The unlikely link between the
way an economic conundrum, inherent in CTTC, was resolved and
the resolution of (Part B of) Hilbert s 16th Problem for Liénard s
equation is brie y mentioned.