Word: equilibrium
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Your article "Negotiating a Build-Down" [Oct. 17] proved that the U.S. can formulate a united front on the Strategic Arms Reduction Talks. The President and Congress have finally demonstrated that they can work together to produce a proposal that will ultimately establish equilibrium for both superpowers...
...Mitterrand and the party leadership were responding to pressure from trade unions and Socialist rank and file. André Bergeron, leader of Force Ouvrière, an independent but largely pro-Socialist labor confederation, warned that "the government has reached limits that cannot be exceeded without jeopardizing the social equilibrium...
...beyond touch, in which only the eye can travel. There are few and sometimes no objective counterparts to the splits and mirrorings Gris imposed on his small theater of objects, but to examine the great, intricate still lifes of 1915-16 is to see fantasy and analysis held in equilibrium...
Debreu's 1959 classic showed that a freely competitive economy can, in theory, reach a state in which supply balances demand in every market and there are neither shortages nor surpluses of any product. Such a condition is called "general equilibrium." Economists have always known that supply could equal demand in a single market, such as the ones for cars or oranges. But, before Debreu, they could not be certain that an entire economy could, at least theoretically if not necessarily in fact, be in equilibrium...
...liberal Keynesians and conservative monetarists. "I do not consider myself involved in economic policy in any way," he says. Nevertheless, his work does have some practical applications in the hands of other economists. According to Stanford Economist Kenneth Arrow, a 1972 Nobel winner who has worked closely with Debreu, equilibrium theory is used by private forecasters and government planners to predict such things as the impact of a tax change on various industries...