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- Title
EQUILIBRIUM ECONOMICS AND BUSINESS-CYCLE THEORY: A COMMENTARY.
- Authors
Souter, R. W.
- Abstract
The article focuses on the relationship between equilibrium economics and business cycle theory. The thorny problem of how to advance the development of economic dynamics to a stage that will render it a more helpful partner in the task of selecting, collecting, arranging, and analyzing statistical data of the time-series type, with a view, in particular, to achieving a more adequate understanding of the business cycle, and a better scientific basis for organized social control is discussed by Dr. S. Kuznets. He has opposed boldly the relationship between economic theory and business-cycle theory which can not be admitted by any member of the current generation of economists. Three successive champions are advanced by Dr. Kuznets in his attack upon the validity or practical relevance of equilibrium economics. Dr. Kuznets has also suggested whether the dynamical solutions of economic problems are in any sense attainable to a higher degree than that already reached. He has also emphasized that the time-spans of the various readjustments towards equilibrium are unequal.
- Subjects
BUSINESS cycles; ECONOMIC equilibrium; STATISTICS; TIME series analysis; KUZNETS, Simon, 1901-1985; SOCIAL control; ECONOMIC activity; BUSINESS conditions; TRUTHFULNESS &; falsehood
- Publication
Quarterly Journal of Economics, 1930, Vol 45, Issue 1, p40
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1882527