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On the semantic and methodological dimensions of equilibrium in economics

Author

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  • Douglas Dias Braz
  • Fabio Bittes Terra

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.

Suggested Citation

  • Douglas Dias Braz & Fabio Bittes Terra, 2022. "On the semantic and methodological dimensions of equilibrium in economics," Brazilian Journal of Political Economy, Center of Political Economy, vol. 42(2), pages 327-344.
    • Handle: RePEc:ekm:repojs:v:42:y:2022:i:2:p:327-344:id:2326
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2326/2271
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    More about this item

    Keywords

    Equilibrium; methodology; semantics;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other

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