FINANCE CAPITALISM? [1944]

It is easy to see that the extension of economic research into the realm of dynamics will necessitate much closer co-operation between economic theorists and historians than has existed so far. Not only have historians to provide the empirical material with which to test our dynamic models. But, as it is impossible to conceive of dynamic processes as taking place against the quasistationary background of neoclassical economics, we have to provide, first of all, a proper setting for our models, a world in motion of which each dynamic process forms an element and from which it derives its impulse, its direction, and, hence, its significance. This world in motion provides the substance of, if it is not identical with, the historical process itself.