Is complexity economics the answer?
Simplifying Complexity
Understanding Economic Equilibrium
The concept of economic equilibrium emerged in the 1870s, with the marginal revolution, shifting from a text-based approach to a more visual, classical mechanics-inspired model. It emphasizes the intersection of supply and demand curves to define equilibrium. However, over generations, this concept has been oversimplified in the educational system, leading economists to focus solely on equilibrium rather than understanding its historical and theoretical context.
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