Technology and employment in an out-of-equilibrium perspective

The usual definition of technology in terms of technical coefficients reflects an equilibrium perspective. However, the equilibrium context behind the standard theory is likely to obscure the essential aspects of the phenomenon of production. We are all accustomed to repeat the consideration that, in equilibrium, production is looked at from the vantage point of trade and exchange, without, however, daring to go the whole hog and draw the analytical implications of this consideration.