Classical Economics: Lost and Found
General Economics
2023-08-23 v1 Economics
Abstract
"Economists miss the boat when they act as if Arrow and Debreu's general equilibrium model accurately describes markets in the real world of constant change. In contrast, the classical view on the market mechanism offers a helpful foundation on which to add modern insights about how markets create and coordinate information."
Keywords
Cite
@article{arxiv.2308.11069,
title = {Classical Economics: Lost and Found},
author = {Sabiou Inoua and Vernon Smith},
journal= {arXiv preprint arXiv:2308.11069},
year = {2023}
}