"Economists do not look at quantities only but at prices. That is the very point of being an economist: to not simply be some operations-research material-balance accountant of product flows but to look deeper and take market prices as indicators of Lagrangian multipliers associated with the appropriate social-welfare maximization problem."
Friday, January 25, 2013
Posted by dkuehn at 10:20 AM
Brad DeLong, talking about debt hysteria: