1. A method for traffic engineering in a network, the method comprising: identifying, by a controller, a plurality of paths for communicating connection-oriented traffic flows over a data plane, the data plane including a plurality of links, wherein each of the paths comprise one or more of the links and extend between one of a plurality of source-destination pairs; iteratively computing, by the controller, a set of vector operations to obtain a first set of flow assignments, wherein iteratively computing the set of vector operations includes computing, for each iteration, flow rates for the plurality of paths, shadow prices for the plurality of links, and aggregate flow rates for the plurality of source-destination pairs; and communicating, by the controller, the first set of flow assignments to network nodes on the data plane, wherein the first set of flow assignments are configured to control communication of the connection-oriented traffic flows over the plurality of paths during a first period.