by 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
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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