Classical Economics: Lost and Found

Author:

Sabiou Inoua, Vernon Smith

Keyword:

Economics, General Economics, General Economics (econ.GN)

journal:

The Independent Review, Volume 25, Number 1, Summer 2020

date:

2023-08-20 16:00:00

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."

PDF: Classical Economics: Lost and Found.pdf