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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).
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p. 1005

 

Stephen Jay Gould

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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.

 

Stephen Jay Gould

 

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

 

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

 

I remember Robbins asking me if I could turn the Hayek model into mathematics … it began to dawn on me that … the model must be better specified. It was claimed that, if there were no monetary disturbance, the system would remain in 'equilibrium'. What could such an equilibrium mean? This, as it turned out, was a very deep question; I could do no more, in 1932, than make a start at answering it. I began by looking at what had been said by … Pareto and Wicksell. Their equilibrium was a static equilibrium, in which neither prices nor outputs were changing … That, clearly, would not do for Hayek. His 'equilibrium' must be progressive equilibrium, in which real wages, in particular, would be rising, so relative prices could not remain unchange … The next step in my thinking, was … equilibrium with perfect foresight. Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner.

 

Friedrich Hayek