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Equilibrium Models in EconomicsPurposes and Critical Limitations$
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Lawrence A. Boland

Print publication date: 2017

Print ISBN-13: 9780190274320

Published to Oxford Scholarship Online: May 2017

DOI: 10.1093/acprof:oso/9780190274320.001.0001

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Prospects for changing equilibrium model building practice in economics

(p.229) Epilogue
Equilibrium Models in Economics

Lawrence A. Boland

Oxford University Press

This chapter considers whether new efforts provided by behavioural, evolutionary and complexity economics have any chance of changing how economics is taught and practiced in the future. The main question at issue is whether the new views based on experimental behavioural, evolutionary and complexity models have any hope of displacing textbook equilibrium economic explanations. The prognosis is they do not at the introductory level, but perhaps might at the advanced undergraduate and the graduate levels. The chapter concludes by stressing the need to understand the role of learning in the process of equilibrium attainment if equilibrium models are ever to be useful for understanding real world economies and guiding policy makers.

Keywords:   behavioural economics, evolutionary economics, complexity economics, experimental economics, teaching economics

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