Walrasian general equilibrium economics, as formalized by Arrow and Debreu around 1960, has been one of the most successful paradigms in the entire history of Economics. Joseph Schumpeter would most certainly have agreed that, besides the three “Classical Periods” contrived by him, the science of economics currently is, and has been for quite some time, in a fourth “Classical Period” if ever there was one, i.e., a period of consolidation and consensus, rather than a period of renewal and controversy.
KeywordsEntropy Migration Transportation
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