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Static and Dynamic Economics
The American Economic Review
Vol. 20, No. 3 (Sep., 1930), pp. 426-441
Published by: American Economic Association
Stable URL: http://www.jstor.org/stable/1802588
Page Count: 16
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Static economic theory is primarily a decomposition of the social phenomenon into units of individual activity. Such decomposition constituted the essence of traditional economics, which has used this analysis as a means of passing ethical judgments, of evaluating changes, and sometimes of forecasting future development. But this analytic essence of traditional theory is of little use in dynamic economics which deals with changes of social phenomena in time. The quantitative method is of small value to the essential task of static economics. But it is of cardinal importance in dynamic economics, since it permits the study of a variety of continuous manifestations which, upon preliminary analysis, form the materials to be utilized in the future systematic theory of economic changes.
The American Economic Review © 1930 American Economic Association