Time, equilibrium and uncertainty: Bergson and Robinson

Abstract

The philosophy of Henri Bergson can lend fresh perspectives on some central aspects of post-Keynesian economic thought. Bergson’s concept of duration offers philosophical reinforcement for Joan Robinson’s criticisms of the treatment of time, equilibrium and uncertainty in economics. When the economy is recognised to be a dynamic living system, in which the accumulation of capital is an historical process inseparable from technical innovation, the effect of time is of utmost importance. Duration provides greater understanding of an economy moving through historical time, while adding depth to Robinson’s doubts about the validity of utility, and consequently expected utility theory. Bergson’s philosophy of evolution and duration provides a valuable basis for understanding many of the classical issues in political economy.