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.
Sokolov put the odds at 100 percent that Peter would, sooner or later, do something stupid and cause enormous trouble. Peter would do this because he believed he was clever and because he thought only of himself. It would be safer to take him out and shoot him now, but disposing of the body would be difficult and the shock of it would probably disturb the equilibrium of Zula.neal stephenson
We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking about the economy is to imagine it as a living organism.paul ormerod
The strong equilibrium point f just described is one of "unrelenting ferocity" against offenders. It exhibits a zeal for meting out justice that is entirely oblivious to the sometimes dire consequences to oneself or to the other faitheful i.e., those who have not deviated.robert aumann
Repetition acts as an enforcement mechanism: It makes cooperation achievable when it is not achievable in the one-shot game, even when one replaces strategic equilibrium as the criterion for achievability by the more stringent requirement of perfect equilibrium.robert aumann
We need to recognise that the entire information sector from music to newspapers to telecoms to internet to semiconductors and anything in-between has become subject to a gigantic market failure in slow motion. A market failure exists when market prices cannot reach a self-sustaining equilibrium . The market failure of the entire information sector is one of the fundamental trends of our time, with far-reaching long-term effects , and it is happening right in front of our eyes.
Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner.
The theory of punctuated equilibrium, proposed by Niles Eldredge and myself, is not, as so often misunderstood, a radical claim for truly sudden change, but a recognition that ordinary processes of speciation, properly conceived as glacially slow by the standard of our own life-span, do not resolve into geological time as long sequences of insensibly graded intermediates (the traditional, or gradualistic, view), but as geologically “sudden” origins at single bedding planes.stephen jay gould