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not just perfect competition
As I said below, the old version equated equilibrium with perfect competition which is clearly wrong. The concept of equilibrium is more of a general concept that applies also to Nash equilibrium (as in Cournot oligopoly etc). I introduced the more general concept. I will add the discussion of Cournot oligopoly and possibly the Keynesian cross. Byronmercury (talk) 14:16, 10 September 2012 (UTC)
--OK, take your point that perfect competition is not the only equilibrium, but for a long time it was the only form of equilibrium and longer still the main one. It is therefore more than just an "example". But I agree, you need a more general approach which encompasses the Nash equilibrium and so on.
added Nash equilibrium. Simple version, I know, but avoided technicalities! will add some more on mormative properties (i.e. Nash equilibria, pareto optimality etc.)Byronmercury (talk) 15:10, 19 September 2012 (UTC)
P4 proposed by Dr Dubey. I have deleted the proposed P4. Whilst it is not unreasonable point for some equilibria, it is not a general property. For example, in many economic models there might be no direct modelling of consumers. You can always add a section later about equilibrium and consumer rationality.Byronmercury (talk) 03:16, 5 January 2013 (UTC)
what does "meta!!!" mean? Jim 16:46, Sep 18, 2004 (UTC)
The picture suggest that this page is talking about market equilibrium. I will add to the information here as such. 188.8.131.52 16:15, 10 October 2006 (UTC)
What is this?
" The concept of equilibrium is also applied to describe and understand other sub-systems of the economy that do not follow the logic of supply and demand, for example, population growth. (If economic growth encourages population growth, and vice-versa, we might see this two-way relationship attaining balance or equilibrium.) This entry concerns only issues of supply and demand. " This came from this page. If this sentance says anything at all, it should be in the end as a linker to related topics. 184.108.40.206 16:24, 10 October 2006 (UTC)
Re this bit in the first paragraph of "Traits": "In most simple microeconomic stories of supply and demand in a market, we see a static equilibrium in a market; however, economic equilibrium can exist in non-market relationships and be dynamic. This example is also partial equilibrium, while equilibrium may be multi-market or general."
How about changing it to this:
"In most simple microeconomic stories of supply and demand in a market, we see a static equilibrium in a market; however, economic equilibrium can exist in non-market relationships and can be dynamic. Equilibrium may also be multi-market or general, as opposed to the partial equilibrium of a single market." --Coppertwig 03:07, 6 January 2007 (UTC)
- DONE. Since no one objected, I went ahead and made this edit.
- I'd delete Static equilibrium (economics) (its a stub and is redundent with Supply and demand. Competitive equilibrium looks like it is a sketch for an exposition of general equilibrium. That should probably be merged, either here or a similar location. Joel Kincaid 22:32, 4 February 2007 (UTC)
- Merge: I think these articles should merge following brief edits. Dwilso 15:46, 27 April 2008 (UTC)
- Merge: not a good idea. At the mement, the current "equilibrium" article focusses on just the competitive equiilibrium. I think we need to MOVE some of this page onto Competitive equilibrium and allow this page to look at a wider range of equilibria used in economics. In fact, this is done in the article "Equilibrium and Explanation" referenced at the bottom of the page, but not in the wikipage. — Preceding unsigned comment added by Byronmercury (talk • contribs) 15:28, 28 May 2012 (UTC)
There have been some recent changes by a series of annonymous editors. One of these is major. Basically, a whole lot of material from another page, Normal profits was just cut and pasted. Most of this is not really relevant to the concept of "equilibrium" and there is no need to duplicate it. I will reverse the edit. Please discuss matters here before you make such major changes.Byronmercury (talk) 06:42, 16 May 2016 (UTC)