4 ms·
So, more generalized: economics is more focused on how the system moves towards equilibrium, but mostly ignores how the point of equilibrium itself fluctuates i
by mojuba 12y ago
So, more generalized: economics is more focused on how the system moves towards equilibrium, but mostly ignores how the point of equilibrium itself fluctuates in time?
- swatow 12y agoIf anything it focuses more on the latter. Moving towards equilibrium isn't actually a meaningful concept in most of economics, since equilibrium is just the technical term for what happens when everyone acts in their own interest (e.g. Nash equilibrium) and correctly anticipates other actions (which in almost all economics models, does not require learning).