IN CONTEXT
Welfare economics
Gérard Debreu (1921–2004)
1874 French economist Léon Walras shows that a competitive, decentralized economy can achieve a stable equilibrium.
1942 Polish economist Oscar Lange provides an early proof of the efficiency of markets.
1967 US economist Herbert Scarf demonstrates a method for applying real-world economic data to general equilibrium models.
1990s New models of the macroeconomy integrate general equilibrium analysis with real-world economic data over time.
By the 1860s and 70s mainstream economics had developed a distinctive set of claims about the world, offering mathematical models that ...
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