The Value of the Ability to Deal with Disequilibria

VALIDITY IS GIVEN TO THE HYPOTHESIS THAT THE ABILITY TO DEAL SUCCESSFULLY WITH ECONOMIC DISEQUILIBRIA IS ENHANCED BY EDUCATION. THIS ABILITY IS ONE OF THE MAJOR BENEFITS OF EDUCATION ACCRUING TO INDIVIDUALS PRIVATELY IN A MODERNIZING ECONOMY. ALTHOUGH AS YET THE NECESSARY EVIDENCE IS LACKING, THIS CONCEPT IS MOST APPLICABLE TO THE CASE OF BUSINESSMEN. IT IS ALSO SEEN IN THE EQUILIBRATING PERFORMANCE OF HOUSEWIVES, STUDENTS, LABORERS, AND FARMERS. TO ANALYZE THE FUNCTION OF THIS PARTICULAR ABILITY, EQUILIBRATING MODELS NEED TO BE DEVELOPED. IN SUCH A MODEL, THE FUNCTION OF ENTREPRENEURSHIP WOULD BE EXTENDED AND THE SUPPLY OF ENTREPRENEURIAL ABILITY WOULD BE TREATED AS A SCARCE RESOURCE.