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 exfoliations of purely dynamic systems.”
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.
Use flexible models across fields.
Themes
Mood
Type
When to use this quote
- policy analysis
- scientific research
Key Concepts
Questions to Reflect On
- When is equilibrium inappropriate?
- How can models balance flexibility and rigor?
Over‑reliance on equilibrium may ignore dynamic realities.