Hayek's Four Tendencies Toward Equilibrium

Mario J. Rizzo, Department of Economics

Abstract

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.