Friday, December 30, 2011

Too good not to repost...

Posted by dkuehn at 7:57 AM



5 comments:

  1. Jonathon HuntDecember 30, 2011 at 8:31 AM

    Lol at that pic! I do have a nitpicky comment about that article. Since when did mentioning Mises or Hayek mean you are an Austrian? I guess you're an Austrian to then, Mr. Kuehn.

    ReplyDelete
  2. Prateek SanjayDecember 30, 2011 at 10:05 AM

    What the blogosphere really revealed was that when "orthodox" thinkers engaged the "heterodox" thinkers, the heterodox-ers discovered that they have not raised any position that the orthodox-ers have not already raised.

    Post-Keynesians and MMTers claim that as subjectivists, they do not assign rigidly rational behaviour to all participants of an economy.

    Shocking that neither does the economics mainstream. Paul Krugman and Milton Friedman have pointed out that they don't believe in the psychological realism of the Rational Man or Rational Expectations. Those ideas are merely imperfect tools for analysis that are otherwise appropriate for certain situations.

    I hate to say it, but I believe many of the contributions of the heterodoxy have not raised anything new or anything that wasn't already raised or mentioned before.

    While Steve Keen may say that mainstream economics is an emperor without clothes, it would seem to me that much of heterodox economics is the peasant that everyone knew was always naked.

    ReplyDelete
  3. Bob MurphyDecember 30, 2011 at 10:26 AM

    I'm so much more than a pinup.

    ReplyDelete
  4. Lord VaderDecember 30, 2011 at 1:21 PM

    What goes on between the various schools of economic thought is sociologically interesting but that is about all that it is; I borrow that from a statement I read once about the interaction between analytical and continental philosophy. It does make for good gladiatorial intellectual infighting and is amusing to watch. I don't think it does economics much good, but it has stripped away much of the mystique from the field.

    Prateek,

    That's wrong; economics (mainstream or not) is a penniless beggar continually asking for handouts.

    ReplyDelete
  5. Lord VaderDecember 30, 2011 at 1:28 PM

    ...penniless, _blind_ beggar...

    Hey, even a Sith lord can forget a word or two from time to time.

    ReplyDelete

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