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Python way better than Fortran for algorithm development. It is simple and elegant and the language takes care a lot of things by itself, like, you can have different data type in a list (note, Python does not have array, list is similar but is not array). Its package support is also tremendous, the since stack of Python is so good that once you have use them you don't want to go back.

Fortran is more efficient if performance is your concern. But I find it ugly and if I need performance, I would turn to C or C++, which are not natively supported by PSSE.

Also, if readability is a concern, then Python beats Fortran hands down.