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Debunking the distributional status quo — Nick Johnson

Summary:
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

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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