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2012 | OriginalPaper | Chapter
The Early Years
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In the period from the late nineteenth century to the first part of the twentieth century, the classical economic model took center stage, just as the classical model had dominated physics until Albert Einstein shattered its foundations. Calculus was the primary tool for the deterministic models of physics and economics in those days. However, it depends on well-understood and deterministic relationships using the building blocks of functions that have been used for centuries.