The Radford Free Press – Page 126 – All life is problem solving.

Commentary / Balibar, Becker, capitalism, Condorcet, democracy, economic theory, Milton Friedman, University of Chicago /

Liberty To Do What?

May 13, 2015

Continuing my peon to Judt: he reminds us of Condorcet’s fear: “Liberty will be no more, in the eyes of an avid nation, than the necessary condition for the security of financial operations.” No kidding. How many times do we come across, in this avid nation of ours, some foolish comment that our social policies must […]

Economics / democracy, economic theory, Keynes, Tony Judt /

We Rely on Economics Too Much

May 13, 2015

I think I am with Tony Judt on this one. I am reading the new collection of his essays written between 1995 and his death in 2010, and have had my memory jolted: he gave us many very considered critiques of modern economics, although they were usually dressed within the context of a book review. […]

Economics / Coase, economic theory, management cost, Williamson /

Transaction Cost Confusion

May 4, 2015

OK. Let’s have some fun. Transaction costs were invented by Ronald Coase to help explain why we see business firms littering the economic landscape when orthodox economic theory argues that the marketplace is the superior and unequalled coordinator of economic activity. The Coasian idea, later extended and expanded upon by the likes of Oliver Williamson, […]

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