tag:blogger.com,1999:blog-26706564.post1503609977313453075..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: Stigler On Neoclassical EconomicsRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-26706564.post-66903995667533182512008-09-20T09:33:00.000-04:002008-09-20T09:33:00.000-04:00«"The dubious merits of this ethical system need n...«"The dubious merits of this ethical system need not concern us, but it is a cause for regret that Clark’s exposition, more than that of any other eminent contemporary economist, afforded some grounds for the popular and <I>superficial allegation that neo-classical economics was essentially an apologetic for the existing economic order. Clark was a made-to-order foil for the diatribes of a Veblen.</I>"»<BR/><BR/>That's just too funny! If only Clark's laughable stuff was the only issue. If only the "ethics" of marginal productivity had remained the only "made to order" foil for Veblen and others...<BR/><BR/>That Serious Economics is indeed "an apologetic for the existing economic order" has been confirmed abundantly by the many and even more flawed attempts to fix its formal and substantial problems with the ever greater sophistries used to support the central verity of Serious Economics, which is still precisely Clark's ethics, that distribution of income is mathematically and impartially determined by marginal productivity.<BR/><BR/>An increasing set of shysterisms has had to be deployed to "support" it, culminating in the shameful dissembling that is the Arrow-Debreu-Lucas system.Anonymousnoreply@blogger.com