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Samuelsonian Economics and the Twenty-First Century$
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Michael Szenberg, Lall Ramrattan, and Aron A. Gottesman

Print publication date: 2006

Print ISBN-13: 9780199298839

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199298839.001.0001

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Paul Samuelson and the Stability of General Equilibrium

Paul Samuelson and the Stability of General Equilibrium

(p.142) 9 Paul Samuelson and the Stability of General Equilibrium
Samuelsonian Economics and the Twenty-First Century

Franklin M. Fisher

Oxford University Press

This chapter draws attention to the topic of stability in the 21st century, for it has not yet reached a ‘satisfactory’ conclusion. When rummaging into the equations of a theory — be it simple supply and demand equation — one always wants to know its stability properties in order to know the predictive power of models for scientific appraisals. Samuelson likened stability behavior to the soul and mind of business. It encompasses both statics and dynamics analyses, that is, instantaneous or timeless determination of economic variables by mutually interdependent relations. There is a formal dependence between comparative statics and dynamics, namely, the Correspondence Principle. Stability concerns are here to stay. All models of reality call upon them to assess their compatibility. Samuelson has grounded stability in dynamics, which is promising for the 21st century economics.

Keywords:   static, dynamic, Correspondence Principle, stability

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