The Arrow-Debreu model wishes you a happy Thanksgiving

I keep going to talks that raise the question:  what is an equilibrium, in the sense of economics?  Not “what is the mathematical definition,” but “what is it, really?”  (The Big Short is relevant here too.)   I don’t have any thoughts of my own articulate enough for the blog, but in the spirit of the holiday I should certainly link to Cosma Shalizi’s explanation of why conceptual art is the most economically efficient use of a dead turkey.  Gobble gobble.

 

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