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Kaldor on Debreu: The Critique of General Equilibrium Reconsidered

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dc.contributor.author Boylan, Thomas A. en
dc.contributor.author O Gorman, Paschal F. en
dc.date.accessioned 2009-10-01T16:08:36Z en
dc.date.available 2009-10-01T16:08:36Z en
dc.date.issued 2008 en
dc.identifier.citation Boylan, T. A., & O Gorman P.F. (2008) "Kaldor on Debreu: The Critique of General Equilibrium Reconsidered" (Working Paper No. 0138) Department of Economics, National University of Ireland, Galway. en
dc.identifier.uri http://hdl.handle.net/10379/326 en
dc.description.abstract This paper revisits Kaldor's methodological critique of orthodox economics. The main target of his critique was the theory of general equilibrium as expounded in the work of Debreu and others. Kaldor deemed this theory to be seriously flawed as an empirically adequate description of real-world economies. According to Kaldor, scientific progress was not possible in economics without a major act of demolition, by which he meant the destruction of the basic conceptual framework of the theory of general equilibrium. We extend Kaldor's critique by recourse to major developments in 20th century philosophy of mathematics, and then go on to demonstrate that Debreu's work, based as it is on Bourbakist formalism and in particular Cantorian set theory, is conceptually incompatible with Kaldor¿s requirements for an empirical science. This aspect of Kaldor¿s critique has not been explored, and as a consequence a major source of substantiating his critique has remained undeveloped. en
dc.format application/pdf en
dc.language.iso en en
dc.publisher National University of Ireland, Galway en
dc.subject.lcsh Equilibrium (Economics) en
dc.subject.lcsh Debreu, Gerard en
dc.subject.lcsh Kaldor, Nicholas -- 1908-1986 en
dc.title Kaldor on Debreu: The Critique of General Equilibrium Reconsidered en
dc.type Working Paper en
dc.description.peer-reviewed peer-reviewed en

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