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Let me restate that the basis of formalism in economics, as identified by  
Karl Polanyi, is axiomatic scarcity. The elegant a priori models are not  
possible without this conception of economics. (Plus competition assumption  
of course.)  
 
A substantive, institutional, or contextual approach would, as often noted,  
trade elegance for historical content. 
 
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ron stanfield 
 
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