On the semantic and methodological dimensions of equilibrium in economics

Douglas Dias Braz () and Fabio Bittes Terra ()

Brazilian Journal of Political Economy, 2022, vol. 42, issue 2, 327-344

Abstract: This article aims to distinguish different uses of the notion of equilibrium invarious theoretical economic approaches and to establish a classification in the myriad ofinterpretations of equilibrium. It does so by categorizing equilibrium in two dimensions:(i) semantical, which deals with the meaning of the notion of equilibrium in differenttheoretical contexts; and (ii) methodological, that sees equilibrium as an analytical tool –that is, a method for apprehending certain aspects of the economic system. We argue thatthe diversity of equilibrium uses hampers the debate among different theoretical perspectives,making it harder to assess how fruitful this notion can be to the comprehension of economicphenomena. JEL Classification: B20; B40; B49.

Keywords: Equilibrium; methodology; semantics (search for similar items in EconPapers)
Date: 2022
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