Two alternative interpretations of the equilibrium notion employed by Walras in the Eléments and related writings have been recurrently suggested in the literature: a ‘stationary’ interpretation and an ‘instantaneous’ (specifically, temporary) one. Such persistent oscillations in the...

After many explorations in different directions during the early 1930s, in 1934 Hicks ends up by advocating an interpretation of Walrasian equilibrium and capital theory along stationary lines, but the suggested interpretation is at variance with the views endorsed by the last Walras and Pareto...