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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
Orthodox Darwinism may have problems, but punctuated equilibrium is not one of them.
I didn't mention punctuated equilibrium or allopatric speciation either, because it isn't relevant to the matter at hand.
This is likely the pattern recognized in Niles Eldredge and Stephen Gould's punctuated equilibrium.
He then quotes extensively from some positive things that Rhodes said about punctuated equilibrium.
Indeed, economists have good reason to find the theory of punctuated equilibrium uncongenial.
According to Gould, the theory of punctuated equilibrium implies that species are individuals, not classes.

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