Category Archives: Peter Burley

A Note about Laszlo Csapo; “Economics is a Serious Business”

Peter Burley and Laszlo Csapo coauthored an illuminating article:

Burley, Peter and Csapo, Laszlo, (1992) Money Information in Lonergan-von Neumann Systems, Economic Systems Research, Vol 4, No. 2, 1992 [Burley and Csapo, 1992-1]  

In trying to find out something about Csapo, I came across an  article-lecture by Geoff Raby, from which I have excerpted four paragraphs about Csapo.

“The student protests began with the death of Hu Yaobang in April 1989. Over the weeks and months leading to the June 4 violence, the depth of the political divisions among the top leadership became apparent. As I watched wave after wave of protest groups pass by my apartment on Chang An Avenue and saw a student movement become a broadly based movement of the people until the military intervened, I kept recalling my Hungarian professor of comparative economic systems all those years ago at La Trobe University. Continue reading

The IS-LM, AD-AS, and Phillips Curve Models

In this section, we are contrasting familiar textbook models of macrostatic equilibrium, with Lonergan’s explanatory theory of macrodynamic equilibrium.  We are contrasting a macrostatic toolkit with a purely relational field theory of macroeconomic dynamics. Lonergan discovered  a theory which is more fundamental than the traditional wisdom based upon human psychology and purported endogenous reactions to external forces.  His Functional Macroeconomic Dynamics is a set of relationships between n objects, a set of intelligible relations linking what is implicitly defined by the relations themselves, a set of relational forms wherein the form of any element is known through its relations to all other elements.  His field theory is a single explanatory unity; it is purely relational, completely general, and universally applicable to every configuration in any instance. (Continue reading)