Includes bibliographical references (pages 616-653) and index.
Introduction -- What is Equilibrium? -- Methodological assessment -- The origins of economic equilibrium -- The circular flow of goods and money -- Adam Smith's Love of system -- Statics and dynamics in classical economics -- Mathematical revolution -- The dreamland of Léon Walras -- The subjectivist challenge of the Austrian school -- Monetary equilibrium -- Dynamic analysis in monetary theory -- The impact of uncertainty -- Creative entrepreneurship: chaos or coordination? -- Evolutionary economics -- Disequilibrium foundations of equilibrium analysis -- Economics with or without equilibrium?
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This book deals with one of the most puzzling concepts in economic science, that of economic equilibrium. In modern economics, equilibrium is considered a key assumption, but its role is contested by economists both from within the mainstream and from rival schools of thought.