Abstract
In this paper I propose to examine critically the validity of standard dynamic models as adequate representations of actual processes and hence as safe instruments of economic planning. Specifically, I will deal with the question of whether these models cover all the important factors involved in the process of reiterative equilibria, as each situation emerges from past decisions and activities. My answer to this new question — as I believe the question to be — is in the negative. But the paper presents a second, yet not subsidiary, interest in that the method by which the question was conceived and treated also is off the beaten path.
If I am to know an object, though I need not know its external properties, I must know all its internal properties. LupUDWIG WupITTGENSTEIN, Tractatus Logico-Philosophicus (2.01231)
One phase of the work required for this paper was completed under the auspices of C. N. R. research project directed by Professor Giacomo Becattini, University of Florence.
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Georgescu-Roegen, N. (1977). Dynamic Models and Economic Growth. In: Schwödiauer, G. (eds) Equilibrium and Disequilibrium in Economic Theory. Theory and Decision Library, vol 13. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-1155-6_23
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