Equilibrium and Disequilibrium in Economic Theory: A Confrontation of the Classical, Marshallian and Walras-Hicksian Conceptions

Michel De Vroey

Economics and Philosophy, 1999, vol. 15, issue 2, 161-185

Abstract: When the economic theory of the last decades becomes a subject of reflection for historians of economic theory, a striking feature which they will have to explain is the demise of the disequilibrium concept. Previously, economists had no qualms concerning the view that the market or the economy was exhibiting disequilibria. Amongst many possible quotations, the following, drawn from Viner's well-known article on Marshall, illustrates that:

Date: 1999
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