Management theories rely on the Walrasian assumption of equilibrium as a persistently accessible market state. Any environmental disruption that induces deviation from equilibrium is deemed temporary; most organizations promptly return to the equilibrium. But what happens when the market is pushed too far away from equilibrium? In this study, I advance the discussion of post-Walrasian economics to discuss how markets operate far from equilibrium. I discuss how disruptions caused by extreme threats such as climate change and pandemic introduce instabilities that undermine market’s capacity for self-regulation, limit information dissemination, make it difficult to account for externalities, and misdirect tâtonnement. The resulting far-from-equilibrium dynamics expose organizations to multiple equilibria, localized logics of exchange, and non-price coordination mechanisms. They require a choice between replication, exploitation, and integration of which only the latter is mutually beneficial for organizations and the society. The study teases apart the new normal by examining the shifts in markets and how organizations can use these shifts for a positive impact on the society.
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