- I used Google's translation services to read this explanation of the Cambridge Capital Controversies, titled, "What is wrong with Neoliberalism".
- I thought interesting this comment on the attitude to economics among Cal Tech students. Presumably, given their economics department, some MIT students would not agree.
- This blog has something to say about general equilibrium theory. I haven't formed an opinion here, though the mention of Gödel raises my suspicions.
Posts
12 years ago
2 comments:
Robert
This German blog was not so great (though my ability to read German is bit limited). It contained mostly same material which you have presented before concerning labour market equilibrium, production technique reswitching and so on..
I dont know if any one has ever proclaimed that it is not possible to have several equilibriums at the labour market (some points may be unstable so that all trajectories lead away from that point if the equilibrium is affected by shocks). This must be ultimately an empirical question.
And I think that J.R Hicks had in his Capital and Value some graphs where there was unstable excess demand schedules so that all trajectories leads away from equilibrium.
I just think it's dangerous to criticize some parts of theories if you dont have necessary skills to do that (though I do that almost every time :) )
Amongst the tribe of Sos.Scis there is a deep animosity between sub-groups of Econs and Sociogs/Polscis..
If I recall correctly, Hicks associated instability, in his sense, with complementarity in goods. Steedman (2002) shows that complementarity does not account for reswitching and capital-reversing.
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