The (confused) state of equilibrium analysis in modern economics: an explanation

Abstract

Modern economics produces many interpretations of the category of equilibrium as well as competing views of its relevance or worth for economic theorizing. In particular, interpretations and valuations often differ systematically between mainstream and heterodox contributions. I argue that these differences are best explained through understanding the competing ontological presuppositions of the mainstream and heterodox traditions. If correct, this explanation reinforces the assessment advanced elsewhere (Lawson, 2003) that mainstream and heterodox traditions are best distinguished not according to substantive claims or policy stances but rather precisely in terms of their ontological commitments.

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