On a Certain Ambiguity in the Conception of Stationary Equilibrium

Lionel Robbins

Chapter 4 in Economic Science and Political Economy, 1997, pp 59-78 from Palgrave Macmillan

Abstract: Abstract The idea of an equilibrium of forces is one which is common to many sciences, but there are few in which it plays a more important part than in theoretical economics. It has been implicit in our discussions since the time of the Physiocrats,1 and as the methods of economics have become more and more self-conscious it has become, in one shape or other, one of the main instruments of theoretical analysis. We describe the various forces we have to study by reference to their place in our conception of equilibrium. We measure their variations by reference to equilibrating norms. It is not too much to say that in so far as we pretend to enunciate economic laws at all it is the assumption that, within some limits, an equilibrium of some sort is conceivable that is the justification of our procedure.

Keywords: Stationary State; Political Economy; Real Cost; Subsistence Level; Perfect Competition (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12761-0_5

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DOI: 10.1007/978-1-349-12761-0_5

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