Tag: Ricardo

Excerpt: Joseph Vogl, The Specter of Capital

There may be little agreement about the actual status to be accorded this equilibrium in the nascent discipline of political economy (for example, about whether it should be understood as an optimum, a principle, or a reality), and Smith himself may never have set out exactly what he understood by equilibrium; nonetheless, equilibrium theory became a crucial element of economic knowledge and was passed on through Ricardo, Walras, Jevons, and Pareto to the doctrines of the twentieth century. […] Economic theory was born as a theory of equilibrium.

Joseph Vogl, The Specter of Capital (Stanford: Stanford University Press, 2015), p. 31.