Equilibrium is the anchor of macro analysis. It is tantamount to a condition of balance, or stability, that helps foster sustained economic growth. Yet equilibrium is largely a theoretical construct — very different from the disequilibria that depict actual conditions in the real world. The transition from disequilibrium to equilibrium has long been central to the policy and financial market debates. Ever-present shocks can be far more destabilizing for economies in disequilibrium than for those in equilibrium. Therein lies the key risk in today’s world.