December 2014
Beginner
352 pages
14h 24m
English

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 ...
Read now
Unlock full access