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Degrees Quote by Kenneth E. Boulding

“[The notion of equilibrium] is a notion which can be employed usefully in varying degrees of looseness. It is an absolutely indispensable part of the toolbag of the economist and one which he can often contribute usefully to other sciences which are occasionally apt to get lost in the trackless…” quote by Kenneth E. Boulding
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“[The notion of equilibrium] is a notion which can be employed usefully in varying degrees of looseness. It is an absolutely indispensable part of the toolbag of the economist and one which he can often contribute usefully to other sciences which are occasionally apt to get lost in the trackless exfoliations of purely dynamic systems.”

Kenneth E. Boulding

About This Quote

Source Book: "The Evolution of Economic Thought", 1966

Equilibrium concepts, flexible in precision, are essential tools for economists and can aid other sciences.

In simple terms: Equilibrium is a versatile economic tool.

Key Takeaway

Use flexible models across fields.

Themes

economics methodology interdisciplinary

Mood

analytical academic

Type

economic methodological

When to use this quote

  • policy analysis
  • scientific research

Key Concepts

systems theory modeling

Questions to Reflect On

  • When is equilibrium inappropriate?
  • How can models balance flexibility and rigor?
A Different Perspective

Over‑reliance on equilibrium may ignore dynamic realities.

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