This paper formalizes the relation between comparative statics and the out-of-equilibrium explanation for how a system evolves after a change in parameters. The paper has two main results. First, an increase in an exogenous parameter sets off learning dynamics that involve larger values of the...

I prove that, in models with complementarities, some non-monotone comparative statics must select unstable equilibria; and, under additional regularity conditions, that monotone comparative statics selects stable equilibria