WHAT DOES EQUILIBRIUM MEAN ?

@inproceedings{Lewin2005WHATDE,
  title={WHAT DOES EQUILIBRIUM MEAN ?},
  author={Peter A. Lewin},
  year={2005}
}
What do we mean when we say action is possible in disequilibrium? If we adopt Hayek's approach to equilibrium, we must mean that we can act in a world where the plans that motivate and define those actions are not mutually compatible. This is hardly controversial. After all, the market process features rivalrous actions, that is, actions that are part of mutually inconsistent plans. Successful plans tend to displace unsuccessful ones. But, can we say, therefore, that, overall, plans tend to… CONTINUE READING

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