Friday, January 16, 2015

Laughing At Neoclassical Economists, Elsewhere

  • Matthew Yglesias lists "Nine Things Only Neoclassical Economists Will Understand". Strangely, his twitter announcement of this article is about a tenth.
  • Noah Smith purports to explain each thing in only a couple of sentences. Stranegly, only for the Modiliani-Miller theorem does he note, "Obviously this doesn't work in the real world".
  • Tyler Cowen attempts to clarify the Heckscher-Ohlin theorem, but fails to note that "capital" cannot be a factor of production in the Heckscher-Ohlin-Samuelson model. (He does note Leontief's empirical demonstration that the theory fails.)

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