Banca de QUALIFICAÇÃO: Keanu Telles da Costa

Uma banca de QUALIFICAÇÃO de DOUTORADO foi cadastrada pelo programa.
STUDENT : Keanu Telles da Costa
DATE: 16/01/2023
TIME: 10:00
LOCAL: A defesa será realizada por videoconferência
TITLE:

Three Essays on the History of Political Economy

KEY WORDS:

Nicholas Kaldor, Friedrich A. Hayek, Gunnar Myrdal, expectativas, equilíbrio, teoria do capital. Douglass C. North, New Economic History, transaction cost, New Institutional Economics.

PAGES: 101
BIG AREA: Ciências Sociais Aplicadas
AREA: Economia
SUMMARY:

The dissertation is composed of three independent essays. In the first essay, we reconstruct the intertwined paths of Nicholas Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its consequences on equilibrium analysis. In the early 1930s, Kaldor could be classified as an Austrian economist. In particular, the integration of capital theory into a business cycle theory by the Austrians and its shortcomings - e.g., criticized by Piero Sraffa 

and Gunnar Myrdal - called attention to the limitation of the theoretical apparatus of equilibrium analysis in dynamic contexts. This was a central element to Kaldor’s emancipation in 1934, his subsequent conversion to John Maynard Keynes, and Hayek’s transformation in 1937. It also had implications for Kaldor’s mature developments, such as the construction of the post-Keynesian models of growth and distribution, the Cambridge capital controversy, and his critique of neoclassical equilibrium economics. In the second essay, we explore Douglass C. North’s early intellectual development in pursuing a Grand Theory for why some countries are rich and others poor. The continuous and profound attempt to answer the Smithian Grand Question shaped North’s journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The seeming success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined, and enforced assumes a prominent role in explaining economic performance. In this period, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing equilibrium outcome. North abandoned this naive view in his 1981 book and gradually became more critical of the objective rationality postulate.

 

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