Acta Oeconomica
Volume/Issue:
Volume 67: Issue s1
Kaldor and Kornai on economics without equilibrium – two life courses
Author: Peter Mihalyi 1
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  • 1 Corvinus University of Budapest, Hungary
DOI:
https://doi.org/10.1556/032.2017.67.s.5
Page Count:
47–66
Publication Date:
01 Sep 2017
Online Publication Date:
Sep 2017
Article Category:
Research Article
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Nicholas Kaldor and János Kornai are known in the academic literature as the most principled and unyielding opponents of the neoclassical, mainstream economics in general, and the Arrow-Debreu General Equilibrium Theory (GET) in particular since the beginning of the 1970s. Nevertheless, they remained in the minority camp with their views until today. The mainstream of the economic profession still holds that only the neoclassical paradigm offers a comprehensive, systematic, consistent and, above all, mathematical (hence “scientific”) description of how modern economies operate. This paper aims at investigating why these two prolific writers, who were friends and spoke the same mother tongue, did not find a common ground and did not even try to build a school of followers jointly.

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Cover Acta Oeconomica
Acta Oeconomica Periodical of the Hungarian Academy of Sciences
Print ISSN:
0001-6373
Online ISSN:
1588-2659
Keywords:
equilibrium; increasing returns; demand constraint; perfect competition

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