Justice and Exogenous Distribution: An Answer to History Versus Equilibrium
This paper analyzes the implications of the concepts of justice and exogenous distribution to the problem of history versus equilibrium. Joan Robinson critiqued economic theory on the ground of the inconsistency between historical time and logical time in equilibrium. Economic theory is unable to explain the deviations of reality from logical ideal. Robison asserted that the problem of history versus equilibrium also applies to the methodology of Sraffa. There is a problem to reconcile the short-period adjustment to the classical political economy long-period analysis. The paper attempts to answer Joan Robinson’s critique with the classical concept of exogenous distribution and its applications to distributive justice. It further discusses methodological issue that goes beyond realism to the moral science of political economy.
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Keywords: History Versus Equilibrium, Methodology, Capital Theory Controversies
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