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Partial Equilibrium

Partial equilibrium is a description of the condition of balance among forces acting on a system. It is a simplified description because it focuses on the conditions within the system without considering its effects on, or effects from, other systems. For example, John Rawls’s theory of justice describes a partial equilibrium in which moral agents’ convictions of justice coincide with their judgments about a situation in a system. While Rawls’s equilibrium state is not stable and may be modified by further information, it remains a partial equilibrium because it is not influenced by factors beyond the agents’ reflection about their principles and situational judgments. This entry defines partial equilibrium and outlines its conditions.

Partial Equilibrium Defined

In economics, partial equilibrium is the condition of balance among forces ...

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