The Theory of Economic Change

Abstract

Value theory and the theory of economic change, 185. — I. Preoccupation with static systems and with equilibrium, 186. — II. Assumptions of value theory lead to difficulties, 187. — Instantaneous analysis, 189. — Probability approach, 190. — Mechanism of change excluded, 192. — III. Expectations, 193. — Deriving welfare propositions, 194. — Analogy in quantum physics, 197. — The question of units, 198. — IV. Developing a theory of economic change: micro-economic vs. macro-economic conditions, 199; selection of relevant parameters, 199; projection of past performance of parameters, 200; cumulative change, 202. — Conclusions, 203.