On the semantic and methodological dimensions of equilibrium in economics

Abstract

This article aims to distinguish different uses of the notion of equilibrium in
various theoretical economic approaches and to establish a classification in the myriad of
interpretations of equilibrium. It does so by categorizing equilibrium in two dimensions:
(i) semantical, which deals with the meaning of the notion of equilibrium in different
theoretical contexts; and (ii) methodological, that sees equilibrium as an analytical tool –
that is, a method for apprehending certain aspects of the economic system. We argue that
the diversity of equilibrium uses hampers the debate among different theoretical perspectives,
making it harder to assess how fruitful this notion can be to the comprehension of economic
phenomena.

JEL Classification: B20; B40; B49.