Fetishism In Economic Theories

General equilibrium theorists mistakenly made a fetish out of eqilibrium, and General disequilibrium theorists risk doing the same out of disequilibrium. The better and wiser thing to do would be to take the moment to moment reality of disequilibrium and integrate that with the ethically correct intention of proactively creating policies that effect a stable equilibrium. That way neither ends up ossifying into an orthodoxy and so ends up “throwing the baby out with the bathwater”.

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