The current paper aims at explaining the changes in economic science that have brought about this process, while at the same time offering a cursory discussion of the ...
The concept of equilibrium has become the centerpiece of modern economic analysis. Moreover, it has provided the impetus behind the expansion of economic theory into areas of the social sciences that used to be regarded as remote. The current paper aims at explaining the changes in economic science that have brought about this process, while at the same time offering a cursory discussion of the ... [Show full abstract] foundations of the concept of equilibrium, its strengths, the methodological challenges it presents, especially as regards the case of "multiple equilibria", and a sketch of alternatives that could tackle said challenges.