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Absurd Texas

Oh dear … I rarely post here about politics anymore. At least politics disconnected from economics. But politics disconnected from reality still catches my attention. So: what are we all to make of the absurdity now playing out in Texas? So utterly divorced from reality has the Texas Republican party become, and so completely beholden […]

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Coase and Reality

In his introduction to a collection of his own work, Ronald Coase tells us: ‘Becker points out that: “what most distinguishes economics as a discipline from other disciplines in the social sciences is not its subject matter but its approach”’. He then goes on: ‘One result of this divorce of the theory from its subject […]

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Unification

There are many billions of people in the world. There are tens, if not hundreds, of business firms. There are hundreds, if not thousands, of government and quasi government agencies. And there are a multitude of other organizations scattered about the global economy. All these are actors on the economic stage. They generate an incalculable […]

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