Abstract
Several authors have recently argued that the overly strong focus on equilibrium models in mainstream economic analysis prevents economists from providing accurate representations of the complex and dynamic nature of real economic systems. In response, this paper shows that, since many economic systems are the products of more or less deliberate and centralized human design, there are reasons to think that many economic systems are, in fact, often well represented with equilibrium models. People can and do build and support social institutions so that they create predictable economic systems—i.e., ones that have stable equilibria.
