Equilibrium in Economics Scope and Limits [Paperback]

General Equilibrium Theory, which became the dominating paradigm after the Second World War,  is founded on the postulated existence, uniqueness, and stability of equilibrium in economic processes. Since then, the concept has come under sustained attack from all points of the heterodox compass, from Austrian economists to Marxists.

Partly in response to these pressures, mainstream economics has changed and moved away from the rigid framework of GET. Nonetheless, economists are continually arguing in terms of equilibrium and the existence of a variety of equilibrium concepts continues to stir controversy.

The contributions in this book, which include articles from Tony Lawson, Ivor Grattan-Guinness and Roger Backhouse, highlight current notions of equilibrium in economics and provide a guide to understanding the links between economic theory and economic reality.

Equilibrium in Contemporary Economic Theory Roger E. Backhouse  Equilibrium in Economics: Some Concepts and Controversies Victoria Chick  The Hypostatisation of the Concept of Equilibrium in Neoclassical Economics Andy Denis  Heavens Beneath What Equilibrium Means in Economics Alan Freeman  Equilibrium in Mechanics and Then in Economics: Was it a Good Analogy? Ivor Grattan-Guinness  The (Confused) State of Equilibrium Analysis in Modern Economics: An Explanation Tony Lawson  Equilibrium in Econometrics Jim Thomas  Economic Equilibrium in the French Enlightenment: The Case of A.N. Isnard Richard van den Berg

Valeria Mosiniis at the London School of Economics and at the University La Sapienza in Rome.