Feb 21 2016 67 mins
How does rate of change change? Is equilibrium balance, & what happens when there is no balance? Is equilibrium attained when fast processes have done their job, and the slow processes have not started? Do all systems tend towards equilibrium? How are biological, physical, and economic systems different in this context? What would happen inside a closed box of Hydrogen atoms in (say) a billion years? Is equilibrium scale and time dependent? Is stability desirable? Is daily temperature stable on an average? Is graphite more stable than diamond? Is it possible to have stability far from equilibrium, & can equilibrium be unstable? Can prices be chaotic, & how does market achieve equilibrium? Can stability be thought of as, among others, constancy, persistence and resilience? Can ‘only’ one sub-market (or species) be out of equilibrium in a market (or an ecosystem)? What is the role of credit in creating (dis)equilibrium? Do predator-prey population sizes fluctuate naturally? Are buildings in local stable equilibrium? Will the world notice if all the human beings were to die? Is the ‘balance of nature’ strong or fragile or neither? Are there only local equilibria and ‘no’ singular global equilibrium? SynTalk thinks about these & more questions using concepts from biology & ecology (Dr. Sutirth Dey, IISER, Pune), physics (Prof. Deepak Dhar, TIFR, Mumbai), & economics (Prof. Anjan Mukherji, JNU, New Delhi). Listen in....