A leading group of economists has observed that economics in the 1990s has become focused on formal technique, mathematical economics and econometrics, and thereby, has sacrificed content. This trend has been found out to be started by Kenneth Arrow and Gerard Debreu’s paper in 1954 which used mathematical proofs, but which depended on assumptions that go against economic truths. It was soon followed by theorems on welfare economics, the game theory, the real business cycle theory, and the formalism trend which puts value on technical theories rather than on problem-solving efforts.
