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Preferred term

equilibrium theory  

Definition

  • Equilibrium is a central concept in neoclassical economic theory and game theory with a precise mathematical definition and an interpretive connotation of self-reinforcing stability. Although the concept draws on the character of human agents as having expectations about future states of affairs when used in the social sciences, originally the idea referred to a mechanical system in which forces are balanced, resulting in a stationary state. [Source: Encyclopedia of Governance; Equilibrium Theory]

Broader concept

Belongs to group

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https://concepts.sagepub.com/social-science/concept/equilibrium_theory

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