Disequilibrium Foundations of Equilibrium Economics

The most common mode of analysis in economic theory is to assume equilibrium. Yet, without a proper theory of how economies behave in disequilibrium, there is no foundation for such a practice. The first step in such a foundation is a theory of stability, and this book is primarily concerned with that subject. The author first reviews the older literature on the stability of general equilibrium and goes on to consider a more satisfactory general model in which agents realize that they are i...