The Delusions of Economics: The Misguided Certainties of a Hazardous Science by Rist Gilbert

Author:Rist, Gilbert [Rist, Gilbert]
Language: eng
Format: epub
Publisher: Zed Books
Published: 2011-11-24T00:00:00+00:00

CHAPTER 7

EQUILIBRIUM

Equilibrium is unquestionably one of the keywords of economic ‘science’.1 Accounts (budget, foreign trade) have to ‘balance’ – otherwise there is a ‘surplus’ or a ‘deficit’. Losses have to be ‘offset’ by gains, and the market must find an ‘equilibrium price’ 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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