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Classical Economics: Lost and Found

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  • Sabiou Inoua
  • Vernon Smith

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."

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  • Sabiou Inoua & Vernon Smith, 2023. "Classical Economics: Lost and Found," Papers 2308.11069, arXiv.org.
    • Handle: RePEc:arx:papers:2308.11069
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    References listed on IDEAS

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    Cited by:

    1. Sabiou M. Inoua, 2020. "News-Driven Expectations and Volatility Clustering," JRFM, MDPI, vol. 13(1), pages 1-14, January.

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