ABSTRACT

The purpose of this chapter is to introduce to a cross-disciplinary audience some of the many different concepts that economists call equilibrium and to outline some of our controversies about the use of the concept. I shall assume that it is a concept used in the construction of economic theory, not a feature ascribed to the actual economy, though I touch on that point once, briefly. Thus I hope to avoid the confusion between the ontic and theoretic interpretations, which is the main target of Lawson’s chapter in this volume.