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In sociology, a system is said to be in social equilibrium when there is a dynamic working balance among its interdependent parts. [1] Each subsystem will adjust to any change in the other subsystems and will continue to do so until an equilibrium is retained. The process of achieving equilibrium will only work if the changes happen slowly.
The theory posits that most social systems exist in an extended period of stasis, which may be punctuated by sudden shifts leading to radical change. The theory was largely inspired by the evolutionary biology theory of punctuated equilibrium developed by paleontologists Niles Eldredge and Stephen Jay Gould.
The equilibrium model of group development (equilibrium model) is a sociological theory on how people behave in groups. The model theorizes that group members will work to maintain a balance, or equilibrium, between task-oriented (instrumental) and socio-emotional (expressive) needs. [1] [2] A group can be successful if it maintains this ...
The second theorem states that with further restrictions, any Pareto efficient outcome can be achieved through a competitive market equilibrium, [3] provided that a social planner uses a social welfare function to choose the most equitable efficient outcome and then uses lump sum transfers followed by competitive trade to achieve it.
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There are many mechanisms (social and psychological) that have been identified to underlie the consensus making process. [17] They have been used to both explain the emergence of spontaneous consensus and understand how to facilitate an equilibrium between individuals and can be grouped according to their role in the process.
However, the price of a product is constant for every unit at the equilibrium price. The extra money someone would be willing to pay for the number units of a product less than the equilibrium quantity and at a higher price than the equilibrium price for each of these quantities is the benefit they receive from purchasing these quantities. [7]
Instead of concluding that equilibrium was Pareto optimal, Edgeworth concluded that the equilibrium maximizes the sum of utilities of the parties, which is a special case of Pareto efficiency: It seems to follow on general dynamical principles applied to this special case that equilibrium is attained when the total pleasure-energy of the ...