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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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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.
But again, I do not see that species selection follows from either punctuated equilibrium or the individuality of species.
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.
I didn't mention punctuated equilibrium or allopatric speciation either, because it isn't relevant to the matter at hand.
His best-known contribution to evolutionary biology was the theory of punctuated equilibrium that he developed with his colleague Niles Eldridge.

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