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So [in conclusion], let me summarize: leftists are not anti-market. They recognize that what is called a market by economists is a rigorously simplified idealization. And that like all idealizations a lot is left out in order to render the idealization coherent. It’s what’s left out, not what’s left in, that leftists object to. And that is not trivial. Coase says so too.Methodological individualism versus institutionalism. MMT is institutional and rejects the assumption of methodological individualism that is foundational in much conventional economics. The Radford Free PressLeftists are not “anti-market”Peter Radford
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So [in conclusion], let me summarize: leftists are not anti-market. They recognize that what is called a market by economists is a rigorously simplified idealization. And that like all idealizations a lot is left out in order to render the idealization coherent. It’s what’s left out, not what’s left in, that leftists object to. And that is not trivial. Coase says so too.Methodological individualism versus institutionalism. MMT is institutional and rejects the assumption of methodological individualism that is foundational in much conventional economics. The Radford Free PressLeftists are not “anti-market”Peter Radford
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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So [in conclusion], let me summarize: leftists are not anti-market. They recognize that what is called a market by economists is a rigorously simplified idealization. And that like all idealizations a lot is left out in order to render the idealization coherent. It’s what’s left out, not what’s left in, that leftists object to. And that is not trivial. Coase says so too.
Methodological individualism versus institutionalism. MMT is institutional and rejects the assumption of methodological individualism that is foundational in much conventional economics.
The Radford Free PressLeftists are not “anti-market”
Peter Radford