by Summary:
Mainstream economists insist that macroeconomic models have to be derived from microeconomic foundations. However the microeconomics from which they try to derive macroeconomics is unsound. Firms do not face rising marginal cost, but constant or falling costs; and “well behaved” demand curves for the market cannot be derived from individual demand curves. Furthermore, the important ...
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Steve Keen considers the following as important:
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Mainstream economists insist that macroeconomic models have to be derived from microeconomic foundations. However the microeconomics from which they try to derive macroeconomics is unsound. Firms do not face rising marginal cost, but constant or falling costs; and “well behaved” demand curves for the market cannot be derived from individual demand curves. Furthermore, the important ...
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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