Mythical ages and methodological strictures - Joan Robinson’s.pdfVIP

Mythical ages and methodological strictures - Joan Robinson’s contributions to the theory of economic growth∗ Peter Skott† 27th May 2004 Abstract This paper considers some methodological aspects of Joan Robinson’s contribution to post-Keynesian growth theory. Joan Robinson’s criticisms of equilibrium analysis, of the conflation of logical and historical time and of the uses (and misuses) of math- ematical formalisation are scathing. But while many of her points are well taken, parts of her argument appear questionable. As a result, her methodological critique of equilibrium economics may be misleading. Moreover, she failed to appreciate the potential gains from mathematical formalisation. The further development of a Robin- sonian analysis of economic growth calls for a reconsideration of these aspects of her legacy. JEL classification: B31, B41, O41 Key words: Joan Robinson, equilibrium, stability, historical time. ∗Paper prepared for the Joan Robinson Conference, University of Vermont, 17-19 October 2003. I wish to thank Paul Auerbach, Avi Cohen, Bill Gibson, Don Katzner and participants at the Joan Robinson Conference and at a seminar at the University of Massachusetts for helpful comments and suggestions. †Department of Economics, University of Massachusetts, Amherst, MA 01003; pskott@econs.umass.edu. 1 As a student I found Joan Robinson’s work exhilarating. But the excitement was combined with an element of frustration. As hard as I tried, I often reached a point where it seemed impossible to understand precisely what she was saying. Her writing was