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In this crucial sense, the theory of punctuated equilibrium adopts a very conservative position. The theory asserts no novel claim about modes or mechanisms of speciation; punctuated equilibrium merely takes a standard microevolutionary model and elucidates its expected expression when properly scaled into geological time.
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p. 778

 

Stephen Jay Gould

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Finally, the claim that we equated punctuated equilibrium with saltation makes no sense within the logical structure of our theory — so, unless we are fools, how could we ever have asserted such a proposition? Our theory holds, as a defining statement, that ordinary allopatric speciation, unfolding gradually at microevolutionary scales, translates to punctuation in geological time.

 

Stephen Jay Gould

 

The theory of punctuated equilibrium, proposed by Niles Eldredge and myself, is not, as so often misunderstood, a radical claim for truly sudden change, but a recognition that ordinary processes of speciation, properly conceived as glacially slow by the standard of our own life-span, do not resolve into geological time as long sequences of insensibly graded intermediates (the traditional, or gradualistic, view), but as geologically “sudden” origins at single bedding planes.

 

Stephen Jay Gould

 

I did speak extensively — often quite critically — about the reviled work of Richard Goldschmidt, particularly about aspects of his thought that might merit a rehearing. This material has often been confused with punctuated equlibrium by people who miss the crucial issue of scaling, and therefore regard all statements about rapidity at any level as necessarily unitary, and necessarily flowing from punctuated equilibrium. In fact, as the long treatment in Chapter 5 of this book should make clear, my interest in Goldschmidt resides in issues bearing little relationship with punctuated equilibrium, but invested instead in developmental questions that prompted my first book, Ontogeny and Phylogeny. The two subjects, after all, are quite separate, and rooted in different scales of rapidity — hopeful monsters in genuine saltation, and punctuated equilibrium in macroevolutionary puntuation (produced by ordinary allopatric speciation).

 

Stephen Jay Gould

 

Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating.

 

George Soros

 

It is probable that when future historians of economic thought look back over this century, the thirties will appear as an era of rapid development in economic theory. Not only has there been unusual activity in monetary theory, theory of value. but extensive transformations have also been made in the basic theory of value. The outstanding publications in this field are, of course, Joan Robinson's Theory of Imperfect Competition and Chamberlin's Theory of Monopolistic Competition, the first produced in Cambridge, England, and the second in Cambridge, Massachusetts. These volumes mark the explicit recognition of the theory of the firm as an integral division of economic analysis upon which rests the whole fabric of equilibrium theory. General equilibrium is nothing more than the problem of the interaction of individual economic organisms, under various conditions and assumptions; as a necessary preliminary to its solution, an adequate theory of the individual organism itself is necessary.

 

Kenneth Boulding