Mr Gould's opponents referred to punctuated-equilibrium theory as evolution by jerks.

ECONOMIST: Stephen Jay Gould

According to the ASU website, Professor Prescott has altered the course of macroeconomic thinking over the past three decades with his research that spans such areas as business cycles, economic development and general equilibrium theory and finance.

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Those who worked with what was alive in an infinity of yesterdays complained that even though they had no good explanation of why punctuated-equilibrium theory worked, you couldn't argue with the evidence in the rocks, maths or no maths.

ECONOMIST: Stephen Jay Gould

Though punctuated-equilibrium theory as originally conceived has made few converts, the role of accidents in evolution is more widely appreciated, as asteroid collisions and nearby supernovae are recognised as hazards that can wipe out whole groups of organisms arbitrarily.

ECONOMIST: Stephen Jay Gould

Sometimes the world works according to general equilibrium, but sometimes you need game theory.

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