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What is the Economic System?

Quarterly Journal of Economics 1958 72(2), 198 open access
Introduction, 198. — I. Concepts of equilibrium and the “machine,” 198. — II. Difficulties with the concept of the “machine,” 200. — III. The “event” approach, 202. — IV. Major limitation of the “event” approach, 205. — V. Implications of the “event” approach, 208. — VI. Summary, 210.