Equilibrium in Economics: Scope and Limits, 1st Edition (Paperback) book cover

Equilibrium in Economics

Scope and Limits, 1st Edition

Edited by Valeria Mosini


312 pages | 10 B/W Illus.

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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.

Table of Contents

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

About the Editor

Valeria Mosini is at the London School of Economics and at the University ‘La Sapienza’ in Rome.

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Economic History
BUSINESS & ECONOMICS / Economics / General
POLITICAL SCIENCE / Economic Conditions