Tag Archives: Sonnenschein-Mantel-Debreu

The good (ideal) and the bad (real) of conventional economics. The policy consequences are essentially two-fold. The first is in not recognizing the disjunction between the ideal (formal) and the real (empirical), which violates the basic requirement of a scientific approach and makes the undertaking an excursion in philosophy rather than science, even though it is dressed put to look like science. The consequence is policy formulation that doesn't lead to the predicted results,...

Just why is anyone still going to these people for policy advice, let alone putting some of them in charge of setting policy? The power of elite discourse to persuade is dangerous when an elite controls the frame and there is no accountability for results. Lars P. Syll’s Blog Stiglitz and the full force of Sonnenschein-Mantel-Debreu Lars P. Syll | Professor, Malmo University