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This out-of-equilibrium approach is not a major adjunct to standard economic theory; it is economics done in a more general way. When examined out of equilibrium, economic patterns sometimes simplify into a simple, homogeneous equilibrium of standard economics; but just as often they show perpetually novel and complex behavior. The static equilibrium approach suffers two characteristic indeterminancies: it cannot easily resolve among multiple equilibria; nor can it easily model individuals&apos; choices of expectations. Both problems are ones of formation (of an equilibrium and of an &quot;ecology&quot; of expectations, respectively), and when analyzed in formation - that is, out of equilibrium - these anomalies disappear.</abstract>
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