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Tag Archives: neoclassical economics

Boylan and O’Gorman’s “Kaldor on Debreu: The Critique of General Equilibrium Reconsidered”

Thomas A. Boylan and Paschal F. O’Gorman’s paper “Kaldor on Debreu: The Critique of General Equilibrium Reconsidered” (2009) makes rewarding reading.Boylan and O’Gorman review Kaldor’s work on general equilibrium in, for example, Kaldor (1972) and (1985), in which Kaldor had argued that the repudiation of Walrasian general equilibrium theory, especially as newly expounded in the models of Debreu and others (e.g., see Debreu 1959), was a precondition for any proper and truly empirical...

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George Selgin versus David Graeber on the Origin of Money

The blogosphere has recently seen a new debate on the origin of money between George Selgin and David Graeber: Ilana E. Strauss, “The Myth of the Barter Economy,” The Atlantic, February 26, 2016 http://www.theatlantic.com/business/archive/2016/02/barter-society-myth/471051/ Though not by Selgin or Graeber, I gather that this article set off the debate.George Selgin, “The Myth of the Myth of Barter,” Alt-M Ideas for an Alternative Monetary Future, March 15, 2016....

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The Urgent Need to Save Orthodox Economists from their Crippling Myths

William K. Black February 29, 2016     Brooklyn, N.Y. A blogger has trolled all heterodox economists as believers in the “occult.”  More precisely, he is upset about “econ people” (who are likely not economists) and who tweet him or post comments on his blog site.  The blogger further complains that these commenters say that they believe in heterodox economics and “new methodologies [that] are poised to topple mainstream economics.”  He then goes on to say:  “My typical response is to ask...

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Keynes rejected Wage and Price Flexibility as the Path to Full Employment even in Theory

This is a major error of neoclassical theory, and the mistaken view some people still attribute to Keynes: that wage and price flexibility in theory is still a reliable and effective mechanism for reaching full employment, even if the real world has wage and price rigidities. In fact, Keynes rejected that view.Curiously, even some Institutionalist economists have failed to understand it. For example, even Gardiner C. Means – the American Institutionalist who developed administered price...

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