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Lauchlan M
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Re: Prediction2003-12-09 10:27:41 AM delphi233 Quote>Where do they (orthodox economists) use _non_ linear equations? <g> But generally no, I guess I'd consider the neoclassical orthodoxy to be almost defined by a commitment to or focus on equilibrium economics, and various heterodox approaches (eg Austrian economics) clearly demarcated by their opposition to it. Eg the Austrians seem to consider that economies are _usually_ in disequilibria and _moving toward_ (always tending toward, but rarely or never reaching) equilibrium, so disequilibrium analysis is the most important analysis, whereas neoclassical analysis seems to me to be primarily focused on equilibrium analysis which is a special case which rarely, or never, happens. It's all a matter of definition though, I guess. Any two people could define 'orthodox' economics differently. QuoteWhat Lauchlan M |