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) 1969 4 4 423–428 3 Economic Systems Theory and General Equilibrium Theory
The revival of comparative economic systems research
Reflections inspired by the recent publication of the collected works of Domenico Mario Nuti
economist in the tradition of Nicholas Kaldor (1908–1986) 5 and Michał Kalecki (1899–1970), who had always been critical of the market system in general and various equilibrium theories leading to market fundamentalism in modelling and policy
today. 7 But the mainstream of our science still considers the criticized model creation framework, the general equilibrium theory marked by the works of Walras (1874) , Arrow – Debreu (1954) , and Debreu (1959) as its professional mother tongue
referring to frictions, rigidities, substitution between labour and capital or institutional differences etc. and may maintain equilibrium theory in the long run. However, it cannot establish policy options, if 16–18 year-long time series provides such vague
