Economists great, pundits bad. I did it backwards, I looked at economics as the self generated model, how do agents reach minimum state variance. Then ask if that solution is the better physics model. I do it that way cause the quanta appear in slow motion. Walmart informs me about charge in physics.
Walras and Pareto introduced us to homoeconomicus, a human being who springs fully formed into the world at the age of 18 with a complete understanding of his preferences over every conceivable outcome in his extensive choice set. That step enabled us to understand why markets are better ways of organizing economic activity than any other known form of social organization.
I certainly recognize Walras, he defined the single equilibria infinite wealth model. Great start, Pareto efficient is the general form of adiabatic change, the aggregate can adjust node by node without double spending, essentially.
The idea of Magic Walrus says, look at the huge tradebook error. That determines a finite minimum state approximation to Walras, it is huge. This is low compexity, a node adjustment in any minimum state representation is large, even when it is step by step Pareto.
HT to Thoma for today's link, live from the sandbox.
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