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Disequilibrium and Chaos

In: Diagnostics for a Globalized World

Author

Listed:
  • Sten Thore
  • Ruzanna Tarverdyan

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…

Suggested Citation

  • Sten Thore & Ruzanna Tarverdyan, 2015. "Disequilibrium and Chaos," World Scientific Book Chapters, in: Diagnostics for a Globalized World, chapter 8, pages 99-109, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814641449_0008
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