On Jul 17, 2010, at 8:39 AM, Mike Beggs wrote:
> On second thought, though, I would maybe say that what really makes
> vulgar supply-and-demand analysis vulgar, more than the lack of a
> conception of schedules, is a failure to fully consider the reactions
> to disequilibrium of supply and demand, in other words a failure to
> understand what adjusts in tendencies towards equilibrium.
As I recall, Joan Robinson had some pungent things to say about how "equilibrium" was a vulgar way of writing history out of the picture.
Doug