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Full-Text Articles in Social and Behavioral Sciences
Hayek's Four Tendencies Toward Equilibrium, Mario J. Rizzo
Hayek's Four Tendencies Toward Equilibrium, Mario J. Rizzo
Mario Rizzo
F.A. Hayek uses the concepts of "equilibrium" and the "tendency toward equilibrium" in a number of senses that are subtly, but importantly, different from each other. This article elucidates those differences and puts them in the context of his theoretical work. As far as I know, this is still the only article that undertakes this analysis.