Chris Hayes blogged the emerging dissatisfaction with neo-classical economics among a minority of economists who are described as "heterodox," i.e., applying the tools of economics (as heavily influenced by the neo-classical movement) without ascribing to neo-classicalism as a faith.
This reminds me of a recent dinner party I attended where a guest tried to impress upon me the importance of markets when he exclaimed..."there is even a price for marriage."
He was, of course, technically correct, but to be more precise he should have said something along the lines of, "an economist can create a model (which may or may not empirically track reality) in which she can create a market (which may or may not exist in reality) which will yield an intersection of a supply-demand curve at an optimal point (or some other definition of price).
No comments:
Post a Comment