Some Reflections on Time and Equilibrium

The paper commences by a discussion of the philosophical foundation of the concept of time. Since the concept of equilibrium is inextricably connected with that of time, it is argued that economists should be (more) careful when applying the equilibrium method; it is not legitimate to apply the concept of equilibrium without an explicit definition of the time concept connected with it. Much confusion arises because of mixing state of affairs with that of equilibrium.Equilibrium, time, methodology