Important observatin by Geoffrey Hodgson on marginal productivity and system embeddedness. Conventional economists don't do systems well, as Keynes showed in their overlooking the fallacy of composition, a freshman mistake.In the Cambridge Capital Controversy, Piero Sraffa and Joan Robinson called attention to a similar mistake regarding the use of "capital" in neoclassical modeling.The list goes on.MMT economist have also pointed out many such obvious mistakes regarding money & banking and finance in addition to macroeconomics.This is a high level of incompetence in the field. What is wrong with conventional economists anyway? The Political Economy of DevelopmentDebunking the distributional status quoNick Johnson
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
NewDealdemocrat writes The snooze-a-than in jobless claims continues; what I am looking for in tomorrow’s jobs report
Bill Haskell writes Monthly payments could get thousands of homeless people off the streets
Angry Bear writes A Doctor at Cigna Said Her Bosses Pressured Her to Review Patients’ Cases Too Quickly
Steve Roth writes How Did Under-40s Get So Much Richer During Covid?
Important observatin by Geoffrey Hodgson on marginal productivity and system embeddedness. Conventional economists don't do systems well, as Keynes showed in their overlooking the fallacy of composition, a freshman mistake.
In the Cambridge Capital Controversy, Piero Sraffa and Joan Robinson called attention to a similar mistake regarding the use of "capital" in neoclassical modeling.
The list goes on.
MMT economist have also pointed out many such obvious mistakes regarding money & banking and finance in addition to macroeconomics.
This is a high level of incompetence in the field. What is wrong with conventional economists anyway?
The Political Economy of Development
Debunking the distributional status quo
Nick Johnson