TY - JOUR
T1 - History and equilibrium
T2 - A partial defense of equilibrium economics
AU - Backhouse, Roger E.
PY - 2004/9
Y1 - 2004/9
N2 - This paper responds to the argument, made by many heterodox economists, that equilibrium theory should be abandoned in favor of theories that pay more attention to history. It considers some of the main ways in which the concept of equilibrium has been understood in economics, and the reasons why there has been confusion in discussions of equilibrium. The conclusion is drawn that the focus should be less on equilibrium as a concept than on equilibrium analysis as a method, and limited defense of this method is offered.
AB - This paper responds to the argument, made by many heterodox economists, that equilibrium theory should be abandoned in favor of theories that pay more attention to history. It considers some of the main ways in which the concept of equilibrium has been understood in economics, and the reasons why there has been confusion in discussions of equilibrium. The conclusion is drawn that the focus should be less on equilibrium as a concept than on equilibrium analysis as a method, and limited defense of this method is offered.
UR - http://www.scopus.com/inward/record.url?scp=4544234253&partnerID=8YFLogxK
U2 - 10.1080/1350178042000252974
DO - 10.1080/1350178042000252974
M3 - Article
AN - SCOPUS:4544234253
SN - 1350-178X
VL - 11
SP - 291
EP - 305
JO - Journal of Economic Methodology
JF - Journal of Economic Methodology
IS - 3
ER -