tag:blogger.com,1999:blog-26706564.post3380576973972781434..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: The Historical Failure of Neoclassical EconomicsRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-26706564.post-78976457051487433592012-11-16T15:39:35.065-05:002012-11-16T15:39:35.065-05:00Does the earlier work of Graciella Chichilnisky &a...Does the earlier work of Graciella Chichilnisky & Heard offer a way forward? Put another way, by changing the focus to why and when preference diversity is too great or too little and/or to considering underlying the co-ordination problem for co-operative behaviour, it may be that the Neo-Classical model was somehow 'canonical', given what was available for Capital markets to price assets especially if they came from engineering or Actuarial backgrounds.<br />In this context, does Hilary Putnam's approach, or that he imputes to Amartya Sen, really point the way forward? Might it not transfer power to bureaucrats with Arts degrees and good sycophancy skills?<br />It is quite human, but not particularly helpful, to scold the Weather or the Economy or the Political System or Biology for not being nice- and Classical Economics did that just as well or better than Aristotle or the Church but would it really be able to sustain as good, if not better, a financial services industry as the (admittedly very bad) one that we have? <br />Grateful for any reading suggestions.<br />windwheelhttps://www.blogger.com/profile/18099651877551933295noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-13062167092853428132012-11-12T06:26:32.651-05:002012-11-12T06:26:32.651-05:00Thanks for the comments. I would not mind if econo...Thanks for the comments. I would not mind if economics were more similar to other social sciences.Robert Vienneauhttps://www.blogger.com/profile/00872510108133281526noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-60312260803899369292012-11-09T08:21:28.838-05:002012-11-09T08:21:28.838-05:00Perhaps the motivation is that neoclassical econom...Perhaps the motivation is that neoclassical economics forms the backbone of contemporary economics as a science. Without it economics as a science would be similar to other social sciences.Emil Bakkumhttp://hgdewolff.nlnoreply@blogger.comtag:blogger.com,1999:blog-26706564.post-18423779813442789362012-11-03T13:29:38.169-04:002012-11-03T13:29:38.169-04:00The fact that neoclassical economic theory dominat...The fact that neoclassical economic theory dominates economic thought and drive political decision-making, it is clear that neoclassical economic theory has been a wild success. The merits of the underlying theory are irrelevant to the power structure who paid for the development of neoclassical economic theory, and clearly the theory's lack of merit is irrelevant to most of the Western world.<br /><br />Economics is politics. The point of neoclassical economics was to disappear rents from economic and political discussion (e.g., Henry George). Job well done.Tao Jonesinghttps://www.blogger.com/profile/10041034009270339963noreply@blogger.com