The Delusions of Economics by Gilbert Rist;
Author:Gilbert Rist;
Language: eng
Format: epub, pdf
Publisher: Bloomsbury UK
CHAPTER 7
EQUILIBRIUM
Equilibrium is unquestionably one of the keywords of economic âscienceâ.1 Accounts (budget, foreign trade) have to âbalanceâ â otherwise there is a âsurplusâ or a âdeficitâ. Losses have to be âoffsetâ by gains, and the market must find an âequilibrium priceâ satisfactory to all. What could be more reassuring? The harmony reigning in this enchanted world, which reminds one of the harmony of the spheres in antiquity,2 is evidently steeped in Newtonian mechanics, with its belief in the reversibility of time and its ignorance of the entropy growth resulting from the use (and hence destruction) of natural resources in the production process.
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