"Economic theory in general ignores processes which take time to occur, and instead assumes that everything occurs in equilibrium." (Steve Keen, "Naked Emperor Of The Social Sciences", 2001)
"The obsession with equilibrium has imposed enormous costs on economics." (Steve Keen, "Debunking Economics - The Naked Emperor Of The Social Sciences", 2001)
"In this crucial sense, the theory of punctuated equilibrium adopts a very conservative position. The theory asserts no novel claim about modes or mechanisms of speciation; punctuated equilibrium merely takes a standard microevolutionary model and elucidates its expected expression when properly scaled into geological time." (Stephen J Gould, "The Structure of Evolutionary Theory", 2002)
"Positive feedbacks, when unchecked, can produce runaways until the deviation from equilibrium is so large that other effects can be abruptly triggered and lead to ruptures and crashes." (Didier Sornette, "Why Stock Markets Crash - Critical Events in Complex Systems", 2003)
"Stock market bubbles don't grow out of thin air. They have a solid basis in reality - but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts." (George Soros, [interview] 2004)
"The players in a game are said to be in strategic equilibrium (or simply equilibrium) when their play is mutually optimal: when the actions and plans of each player are rational in the given strategic environment - i. e., when each knows the actions and plans of the others." (Robert Aumann, "War and Peace", 2005)
"When defining living systems, the term dynamic equilibrium is essential. It does not imply something which is steady or stable. On the contrary, it is a floating state characterized by invisible movements and preparedness for change. To be in dynamic equilibrium is adapting adjustment to balance. Homeostasis stands for the sum of all control functions creating the state of dynamic equilibrium in a healthy organism. It is the ability of the body to maintain a narrow range of internal conditions in spite of environmental changes." (Lars Skyttner, "General Systems Theory: Problems, Perspective, Practice", 2005)
"The second law of thermodynamics states that in an isolated system, entropy can only increase, not decrease. Such systems evolve to their state of maximum entropy, or thermodynamic equilibrium. Therefore, physical self-organizing systems cannot be isolated: they require a constant input of matter or energy with low entropy, getting rid of the internally generated entropy through the output of heat ('dissipation'). This allows them to produce ‘dissipative structures’ which maintain far from thermodynamic equilibrium. Life is a clear example of order far from thermodynamic equilibrium." (Carlos Gershenson, "Design and Control of Self-organizing Systems", 2007)
"The invisible hand is an emergent property of this system, which never reaches an optimal equilibrium, but instead is fundamentally dynamic and unstable, with complex effects on society."(David Orrell, "The Other Side of the Coin", 2008)
"Perhaps the most significant deviations from the concept of linear change are the concepts of equilibrium and randomness. For most intents and purposes, the concept of equilibrium has been used to describe places or times when change stops occurring. Randomness suggests that the changes are unpredictable and not explicable by any known concepts or predictors. " (Stephen J Guastello & Larry S Liebovitch, "Introduction to Nonlinear Dynamics and Complexity" [in "Chaos and Complexity in Psychology"], 2009)
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