Roy Harrod and traditional theory

Abstract

In 1926 and 1936 Sraff and Keynes attacked the methodological core of traditional economic theory by showing that the premises of partial equilibrium analysis were mutually inconsistent. this paper aims to show that Harrod neglected Sraffa and Keynes's logical arguments, and only admitted that the tacit assumptions under discussion restricted the domain of validityof the theory to special cases: perfect competition and statics. He then proceeded to generalize the theory to imperfect competition and dynamics by applying the principles (but not the instruments) of traditional analysis. The definition of these domains thus aimede at rescuing as mush as possible from the orthodox approach.

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