Hysteresis and path dependence in economic analysis: formalizations, causes and implications

IF 1.8 3区经济学 Q2 ECONOMICS

Review of Keynesian Economics Pub Date : 2023-11-14 DOI:10.4337/roke.2023.04.01

A. Dutt

引用次数: 0

Abstract

This paper argues that history, path dependence and hysteresis should have a much greater role in economic analysis than they do at present. To do so, it first reviews several meanings of hysteresis and path dependence using different abstract formulations and discusses applications of these approaches to economic analysis to examine the aspects of the economy to which they have been applied, and the causes and effects of these applications. It then suggests a taxonomy of the broad causes of path dependence. It concludes by summarizing the argument for giving these phenomena a much greater role in models and analyses, and makes some additional comments about these phenomena and their incorporation into economic analysis.

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经济分析中的滞后和路径依赖：形式化、原因和影响

本文认为，历史、路径依赖和滞后在经济分析中的作用应该比现在大得多。为此，本文首先使用不同的抽象表述回顾了滞后和路径依赖的几种含义，并讨论了这些方法在经济分析中的应用，以研究它们被应用于经济的各个方面，以及这些应用的原因和影响。然后对路径依赖的广泛原因进行分类。最后，它总结了在模型和分析中赋予这些现象更大作用的论点，并就这些现象及其纳入经济分析提出了一些补充意见。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Keynesian Economics ECONOMICS-

CiteScore

3.10

自引率

12.50%

发文量

期刊介绍： The Review of Keynesian Economics (ROKE) is dedicated to the promotion of research in Keynesian economics. Not only does that include Keynesian ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. The journal provides a forum for developing and disseminating Keynesian ideas, and intends to encourage critical exchange with other macroeconomic paradigms. The journal is dedicated to the development of Keynesian theory and policy. In our view, Keynesian theory should hold a similar place in economics to that held by the theory of evolution in biology. Many individual economists still work within the Keynesian paradigm, but intellectual success demands institutional support that can leverage those individual efforts. The journal offers such support by providing a forum for developing and sharing Keynesian ideas. Not only does that include ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. We see a bright future for the Keynesian approach to macroeconomics and invite the economics profession to join us by subscribing to the journal and submitting manuscripts.