Out of Equilibrium

Standard equilibrium economic models focus on interdependencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interact sequentially determines thelop evolution path of an economy. The model proposed in this book is a heuristic tool that makes it possible to explore these `disequilibria'. The interpretations made are often diametrically opposite to those advocated by the dominant equilibrium theory, thus giving a new perspective on the recent past of the Western economies.