Equilibrium: development of the concept

  • Murray Milgate
Part of the The New Palgrave book series (NPA)


From what appears to have been the first use of the term in economics by James Steuart in 1769, down to the present day, equilibrium analysis (together with its derivative, disequilibrium analysis) has been the foundation upon which economic theory has been able to build up its not inconsiderable claims to ‘scientific’ status. Yet despite the persistent use of the concept by economists for over two hundred years, its meaning and role have undergone some quite profound modifications over that period.


Political Economy Moral Sentiment Walrasian Equilibrium Supply Price Profound Modification 
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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1989

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  • Murray Milgate

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