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What is a punctuated equilibrium?

What is a punctuated equilibrium? Here are some definitions.

Noun
  1. A theory of evolution, holding that evolutionary change tends to be characterized by long periods of stability, or equilibrium, punctuated by episodes of very fast development.
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Examples
The theory of punctuated equilibrium will come to be seen in proportion, as an interesting but minor wrinkle on the surface of Neo-Darwinian theory.
Orthodox Darwinism may have problems, but punctuated equilibrium is not one of them.
It's phyletic gradualism versus punctuated equilibrium.
This is likely the pattern recognized in Niles Eldredge and Stephen Gould's punctuated equilibrium.
Indeed, economists have good reason to find the theory of punctuated equilibrium uncongenial.
Using trapeze, Chinese acrobatics and swing dancing, among other things, the company tackles rock formation, punctuated equilibrium theory and magnetic polarity reversal with its usual strength and verve.

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