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Blindsided by Jonathan Gifford

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Oscillations Around a State of Equilibrium

Irving was undoubtedly a great economist, and his mathematical approach to financial markets influenced a future generation of ‘neo-classical’ economists (whose thinking had evolved from the ‘classical’ economic theories developed in the eighteenth and nineteenth centuries by people such Adam Smith, David Ricardo, John Stuart Mill and Thomas Malthus). The neo-classicists made certain key assumptions, which underpinned the increasingly mathematical work of the movement in the twentieth and twenty-first centuries.

It was assumed that people made rational decisions in their purchases, based on the ‘utility’ of what they were buying (for corporations, personal ‘utility’ is replaced by corporate profits — ...

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