Disequilibrium and Chaos

Sten Thore and Ruzanna Tarverdyan

Chapter 8 in Diagnostics for a Globalized World, 2015, pp 99-109 from World Scientific Publishing Co. Pte. Ltd.

Abstract: While Tinbergen in the early 1950s wrote his pathbreaking treatises on economic policy, a consolidation of the inherited economic theory occurred — the codification of neoclassical theory. A generation of young mathematical economists such as Paul Samuelson, Ken Arrow, Gerard Debreu and Tjalling Koopmans were to formalize the building-blocks of an impressive mathematical idealization of a free market economy. The economic agents in the neoclassical economy are abstract consumers and producers, suspended in time, making the rational decisions of “economic man.” Markets are in equilibrium. And, Tinbergen would say, economic policymakers make optimal decisions…

Keywords: Globalization; Performance Evaluation; Data Envelopment Analysis; DEA; Millennium Development Goals; MDGs; Sustainable Development; United Nations; Rio+20; Post-2015 Agenda; Geneva Consensus; Washington Consensus; Beyond GDP; Jan Tinbergen (search for similar items in EconPapers)
Date: 2015
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