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Equilibrium and Disequilibrium in Economic Theory: A Confrontation of the Classical, Marshallian and Walras-Hicksian Conceptions

Published online by Cambridge University Press:  05 December 2008

Michel De Vroey
Michel De Vroey
Affiliation:
Université Catholique de Louvain
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Extract

When the economic theory of the last decades becomes a subject of reflection for historians of economic theory, a striking feature which they will have to explain is the demise of the disequilibrium concept. Previously, economists had no qualms concerning the view that the market or the economy was exhibiting disequilibria. Amongst many possible quotations, the following, drawn from Viner's well-known article on Marshall, illustrates that:

Type
Essays
Information
Economics & Philosophy , Volume 15 , Issue 2 , October 1999 , pp. 161 - 185
Copyright
Copyright © Cambridge University Press 1999

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