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Equilibrium models used in beginning economics classes are based on the equilibrium concept developed by Alfred Marshall, but that concept of an equilibrium does not correspond to the equilibrium concept recognized in modern formal mathematical models taught to graduate students. In both cases, the assumptions needed to produce explanations of economic events are open to question. The assumptions needed to prove the existence of an equilibrium in formal mathematical models are often questioned not only by older model builders but also by today’s formal model builders. This book critically exam ... More

*Keywords: *
equilibrium models,
learning vs. knowledge,
rational expectations,
equilibrium price,
disequilibrium dynamics,
DSGE models,
complexity and path-dependency,
evolutionary models,
Kenneth Arrow,
Robert Clower,
George Richardson,
Friedrich Hayek

Print publication date: 2017 | Print ISBN-13: 9780190274320 |

Published to Oxford Scholarship Online: May 2017 | DOI:10.1093/acprof:oso/9780190274320.001.0001 |

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## Front Matter

## Part One The purpose and problems for equilibrium models

## Part Two The limits of equilibrium models

## Part Three Avenues for overcoming the limits of equilibrium models: Some methodological considerations

## End Matter

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