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RG

IN CONTEXT

FOCUS

Welfare economics

KEY THINKER

Gérard Debreu (1921–2004)

BEFORE

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.

AFTER

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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