This set of excerpts has been assembled so as to inform and inspire. In its own way it informs the reader of the minds of Lonergan and key commentators. And it will, we hope, inspire the serious macroeconomist to reach up to those minds.
The section has not been arranged in a rigorous manner. On the contrary, it is a sort of random walk. But we hope the benefit of one’s reading it attentively will be great.
Schumpeter acknowledged that dynamic analysis called for a new light on equilibrium. Such new light arises when, over and above, the equilibria of supply and demand with respect to goods and services, there are recognized further equilibria that have to be maintained…..Moreover, such macroequilibria are more fundamental than the microequilibria assembled by Walras. The former are the conditions of a properly functioning economy [CWL 15, 92] (continue reading)