Equilibrium and Disequilibrium Dynamics in the 1930s

The paper deals with some methodological proposals which emerged in the 1930s in the works of the founders of modern analysis of equilibrium over time. Just after the introduction of the notions of intertemporal and temporary equilibrium Hayek, Hicks and Lindahl moved towards an analysis of the disequilibrium process in order to incorporate the interplay between expectations of individual agents and actual realisation of relevant economic variables. The main part of the paper discusses the respective role of Hayek and Lindahl in the development of a dynamic theory. It is argued that while Lindahl's approach can be considered more revealing for the study of disequilibrium than Hayek's discussion of how order may emerge, Hayek's insights on the analogy between economic theory and neural network theory have not yet received enough consideration.