Classical Economics: Lost and Found

Sabiou Inoua and Vernon Smith ()

Papers from arXiv.org

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."

Date: 2023-08
New Economics Papers: this item is included in nep-hpe
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Published in The Independent Review, Volume 25, Number 1, Summer 2020

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http://arxiv.org/pdf/2308.11069 Latest version (application/pdf)

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Working Paper: Classical Economics: Lost and Found (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2308.11069

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