by I would not lay the issues entirely at the feet of economics, but Peter Radford has a point worth considering.As I have been saying, it is impossible to approach most interesting and important issues in life with without a systems view, which necessitates improving this view with feedback as the natural sciences do. Conventional economics pretends to be a natural science but has no comprehensive systems view of a subject matter that is social and political as well as economic. The result is as Peter Radford asserts. Disaster.BTW, the MMT approach doesn't fix this either since it is analysis of a narrow subject matter. It lays a foundation but a superstructure needs to be built on that foundation of institutional analysis of monetary production societies (note: not "economies").The
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I would not lay the issues entirely at the feet of economics, but Peter Radford has a point worth considering.
As I have been saying, it is impossible to approach most interesting and important issues in life with without a systems view, which necessitates improving this view with feedback as the natural sciences do.
Conventional economics pretends to be a natural science but has no comprehensive systems view of a subject matter that is social and political as well as economic. The result is as Peter Radford asserts. Disaster.
BTW, the MMT approach doesn't fix this either since it is analysis of a narrow subject matter. It lays a foundation but a superstructure needs to be built on that foundation of institutional analysis of monetary production societies (note: not "economies").The Radford Free Press
Peter Radford
The dominance of Big Tech and other ‘superstar’ firms’ has put market power back on the agenda of politicians, as well as in research. But although oligopoly markets have been introduced in macroeconomic and trade models, this is mostly in the context of a very large ‘continuum’ of sectors such that a firm has market power in its sector but no influence on the wider economy. This column argues that it is high time that oligopoly is integrated fully into the macroeconomics toolbox.Xavier Vives must have tenure.
Originally published at VoxEU
Tech Companies Worry About Becoming Targets
Ashley Gold