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On a Certain Ambiguity in the Conception of Stationary Equilibrium

In: Economic Science and Political Economy

Author

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  • Lionel Robbins

Abstract

The idea of an equilibrium of forces is one which is common to many sciences, but there are few in which it plays a more important part than in theoretical economics. It has been implicit in our discussions since the time of the Physiocrats,1 and as the methods of economics have become more and more self-conscious it has become, in one shape or other, one of the main instruments of theoretical analysis. We describe the various forces we have to study by reference to their place in our conception of equilibrium. We measure their variations by reference to equilibrating norms. It is not too much to say that in so far as we pretend to enunciate economic laws at all it is the assumption that, within some limits, an equilibrium of some sort is conceivable that is the justification of our procedure.

Suggested Citation

  • Lionel Robbins, 1997. "On a Certain Ambiguity in the Conception of Stationary Equilibrium," Palgrave Macmillan Books, in: Susan Howson (ed.), Economic Science and Political Economy, chapter 4, pages 59-78, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12761-0_5
    DOI: 10.1007/978-1-349-12761-0_5
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