Classical Economics: Lost and Found.

The article focuses on classical economics. Topics include that the neoclassical mathematical theory of value culminated in Kenneth Arrow and Gerard Debreu's model characterizes the static general equilibrium state of an economy; and that the principle of individual utility maximization has no inter...

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Bibliographic Details
Published in:	Independent Review Vol. 25; no. 1; pp. 79 - 91
Main Authors:	INOUA, SABIOU M., SMITH, VERNON L.
Format:	Article
Published:	Independent Institute Summer2020
Subjects:	Economics Business cycles Microeconomics Neoclassical school of economics Random walks
Online Access:	View this record in EBSCOhost

Description
Summary:	The article focuses on classical economics. Topics include that the neoclassical mathematical theory of value culminated in Kenneth Arrow and Gerard Debreu's model characterizes the static general equilibrium state of an economy; and that the principle of individual utility maximization has no interesting implication for aggregate market demand.